Field Service Sector
Review of Financial Services unit standards
|
Subfield |
Domain |
ID |
|
Financial Services |
Financial Advice |
25650-25654, 26360 |
|
Financial Services - Professional Practice |
28359-28389 |
The Skills Organisation has completed the review of the unit standards listed above.
Date new versions published January 2020
Planned review date December 2024
Summary
From January to September of 2019, the Skills Organisation conducted a review of the unit standards listed above.
The review process involved face-to-face meetings, telephone conferences, and email consultation with all relevant stakeholders from the Financial Services sector.
Main changes
· Legislation was updated.
· Unit standards 28362, 28382, 28385, and 28389 were reviewed to reflect current industry practice (Category B). The titles of 28362, 28382, and 28385 were updated.
· Credits were decreased for unit standards 28382 and 28389 to more accurately reflect the time taken to achieve the competencies for these standards.
· 14 unit standards were designated expiring (Category C) and replaced with 14 new unit standards to better reflect the skills and knowledge required by industry.
· 19 unit standards with duplicate or irrelevant content were expired with no replacement (Category D).
· 20 new unit standards were developed to meet industry requirements.
· Expiring unit standards were updated to align with the current template.
Category C and D unit standards will expire at the end of December 2022
Detailed list of unit standards – classification, title, level, and credits
All changes are in bold.
|
Key to review category |
|
|
A |
Dates changed, but no other changes are made - the new version of the standard carries the same ID and a new version number |
|
B |
Changes made, but the overall outcome remains the same - the new version of the standard carries the same ID and a new version number |
|
C |
Major changes that necessitate the registration of a replacement standard with a new ID |
|
D |
Standard will expire and not be replaced |
Service Sector > Financial Services > Financial Advice
|
ID |
Title |
Level |
Credit |
Review Category |
|
25650 |
Demonstrate the steps in the financial advice process relating to client relationships and gathering information |
5 |
6 |
D |
|
25651 |
Demonstrate the steps in the financial advice process relating to the development and presentation of recommendations |
5 |
8 |
D |
|
25652 |
Demonstrate the steps in the financial advice process relating to the implementation and review processes |
5 |
6 |
D |
|
25653 |
Apply legislation, regulations, and codes of practice, maintain business records, and respond to fiduciary issues |
5 |
5 |
D |
|
25654 |
Demonstrate understanding of the business risk insurance market and business risk insurance |
5 |
5 |
D |
|
26360 |
Demonstrate understanding of the legislative framework for authorised financial advisers |
5 |
5 |
D |
Service Sector > Financial Services > Financial Services - Professional Practice
|
ID |
Title |
Level |
Credit |
Review Category |
|
28359
28361
31883 |
Demonstrate understanding of the role of a bank, the banking regulatory environment, and significance of role boundaries Demonstrate understanding of the role of regulators and the diversity of service providers in the banking sector Demonstrate and apply knowledge of the banking services environment and concepts |
5
5
5 |
5
5
5 |
C
C |
|
28360
31885 |
Select and apply banking products and services to meet client needs Apply knowledge of banking products and services to meet client needs |
5
5 |
5
8 |
C |
|
28362 |
Demonstrate understanding of key lending concepts and frameworks, and apply these to a variety of lending situations Demonstrate and apply knowledge of key lending concepts and frameworks to a variety of lending situations in banking |
5 |
5 |
B |
|
28363 |
Demonstrate understanding of financial services best practice, professionalism, and recognised advice process |
5 |
10 |
D |
|
28364 |
Demonstrate understanding and application of the regulatory environment for financial services |
5 |
5 |
D |
|
28365 |
Demonstrate understanding of and apply research and analysis processes to develop fit for purpose financial solutions |
5 |
15 |
D |
|
28366
31856
31857 |
Demonstrate understanding of financial markets and how factors in the economic environment impact on market participants Demonstrate and apply knowledge of the financial services sector to provide financial advice solutions Demonstrate and apply knowledge of key factors in the economic environment to provide financial advice solutions |
5
5
5 |
10
8
7 |
C |
|
28367 |
Demonstrate understanding of insurance concepts and principles and apply to general insurance situations |
5 |
5 |
D |
|
28368 |
Demonstrate understanding of general insurance legislation, regulations, codes of practice, and roles |
5 |
5 |
D |
|
28369
31872 |
Demonstrate understanding of general insurance needs and products and apply products to meet client needs Apply knowledge of general insurance products and services to meet client needs |
5
5 |
10
8 |
C |
|
28370
31873 |
Demonstrate understanding of the creation, maintenance, claims, and review processes of general insurance Demonstrate and apply knowledge of administrative processes to provide general insurance services |
5
5 |
5
5 |
C |
|
28371 |
Demonstrate understanding of insurance concepts and principles and apply to life and health insurance situations |
5 |
5 |
D |
|
28372 |
Demonstrate understanding of life and health insurance legislation, regulations, codes of practice, and roles |
5 |
5 |
D |
|
28373
31867 |
Demonstrate understanding of life and health insurance needs and products and apply products to meet client needs Apply knowledge of life, disability, and health insurance products and services to meet client needs |
5
5 |
10
8 |
C |
|
28374
31868 |
Demonstrate understanding of the creation, maintenance, claims, and review processes of life and health insurance Demonstrate and apply knowledge of administrative processes to provide life, disability, and health insurance services |
5
5 |
5
5 |
C |
|
28375
28376
31859
31862 |
Demonstrate understanding of investment concepts and the associated regulatory environment Demonstrate understanding of investment assets and apply appropriate assets to meet identified investment objectives Demonstrate and apply knowledge of the investment services environment and concepts Demonstrate and apply knowledge of investment assets, services, and financial instruments to meet client needs |
5
5
5
5 |
5
10
5
8 |
C
C |
|
28377 |
Demonstrate and apply understanding of investment analysis techniques used to test against predetermined requirements |
5 |
10 |
D |
|
28378 |
Demonstrate understanding of key terms and conditions of KiwiSaver and how they apply to typical client situations |
5 |
5 |
D |
|
28379 |
Demonstrate understanding of KiwiSaver investment concepts and quantify retirement saving goals |
5 |
5 |
D |
|
28380
31880 |
Demonstrate understanding of personal lending concepts, and associated organisational and regulatory requirements Demonstrate and apply knowledge of the personal lending services environment and concepts |
5
5 |
5
5 |
C |
|
28381 |
Demonstrate understanding of personal lending products and the borrowing needs they meet |
5 |
5 |
D |
|
28382 |
Develop financial solutions to meet the needs of personal lending clients and apply a loan application process Develop personal lending solutions to meet lending framework requirements and process a personal loan application |
5 |
10
5 |
B |
|
28383
31875 |
Demonstrate understanding of residential property lending and associated organisational and regulatory requirements Demonstrate and apply knowledge of the residential property lending services environment and concepts |
5
5 |
5
5 |
C |
|
28384 |
Demonstrate understanding of residential property lending products and the borrowing needs they meet |
5 |
5 |
D |
|
28385 |
Demonstrate understanding of the residential property market and the impact on residential property lending Demonstrate and apply knowledge of market factors and key concepts affecting residential property to meet client needs |
5 |
5 |
B |
|
28386 |
Develop financial solutions to meet the needs of residential property borrowers and apply a loan application process |
5 |
5 |
D |
|
28387
31887 |
Demonstrate understanding of trustee concepts, legislation, and regulations Demonstrate and apply knowledge of the trustee services environment and concepts |
5
5 |
10
5 |
C |
|
28388
31889 |
Outline the relationships between trustee products and individuals’ needs Demonstrate and apply knowledge of trustee products and services to meet client needs |
5
5 |
15
8 |
C |
|
28389 |
Demonstrate the administrative responsibilities required under a trustee appointment |
5 |
10 5 |
B |
|
31855 |
Demonstrate and apply knowledge of financial services legislation, good conduct, professionalism, and Six Step Process |
5 |
10 |
New |
|
31858 |
Interpret and explain provisions in the regulatory framework in a financial advice services context |
5 |
10 |
New |
|
31861 |
Gather and analyse information to determine client investment needs |
5 |
7 |
New |
|
31863 |
Demonstrate and apply knowledge of economic factors to provide investment solutions |
5 |
5 |
New |
|
31864 |
Provide advice in an investment context using the Six Step Process |
5 |
5 |
New |
|
31865 |
Demonstrate and apply knowledge of the life, disability, and health insurance services environment and concepts |
5 |
5 |
New |
|
31866 |
Gather and analyse information to determine client life, disability, and health insurance needs |
5 |
7 |
New |
|
31869 |
Provide advice in a life, disability, and health insurance context using the Six Step Process |
5 |
5 |
New |
|
31870 |
Demonstrate and apply knowledge of the general insurance services environment and concepts |
5 |
5 |
New |
|
31871 |
Gather and analyse information to determine client general insurance needs |
5 |
7 |
New |
|
31874 |
Provide advice in a general insurance context using the Six Step Process |
5 |
5 |
New |
|
31876 |
Gather and analyse information to determine client residential property borrowing needs |
5 |
7 |
New |
|
31877 |
Apply knowledge of residential property lending products and services to meet needs and process a loan application |
5 |
8 |
New |
|
31879 |
Provide advice in a residential property lending context using the Six Step Process |
5 |
5 |
New |
|
31881 |
Gather and analyse information and apply knowledge of products to meet personal borrowing needs |
5 |
10 |
New |
|
31882 |
Provide advice in a personal lending context using the Six Step Process |
5 |
5 |
New |
|
31884 |
Gather and analyse information to determine client banking needs |
5 |
7 |
New |
|
31886 |
Provide advice in a banking context using the Six Step Process |
5 |
5 |
New |
|
31888 |
Gather and analyse information to determine client trustee services needs |
5 |
7 |
New |
|
31890 |
Provide advice in a trustee services context using the Six Step Process |
5 |
5 |
New |