Customer Service in Financial Industry by zfd16645

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Develop, present, and negotiate solutions for customers in the financial
services industry

Level                              4

Credits                            5

Purpose       People credited with this unit standard are able to, in the financial services
              industry:
              – develop appropriate strategies and solutions to meet customer’s needs;
              – present appropriate strategies and solutions to the customer;
              – negotiate and finalise a financial solution with the customer;
              – coordinate implementation of the agreed solution;
              – complete and maintain necessary documentation; and
              – agree on and provide ongoing customer service.


Subfield                           Financial Services

Domain                             Financial Advice

Status                             Registered

Status date                        20 June 2008

Date version published             20 June 2008

Planned review date                30 June 2010

Entry information                  Open.

Accreditation                      Evaluation of documentation and visit by NZQA and
                                   industry.

Standard setting body (SSB)        ElectroTechnology Industry Training Organisation

Accreditation and Moderation Action Plan (AMAP) reference                    0003
This AMAP can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.

Special notes

1   This unit standard has been based on the Australian unit of competency
    FNSASIC302B, Develop, present and negotiate client solutions available at
    http://ntis.gov.au. This is supported and endorsed by the Australian standard setting
    body Innovation and Business Services Australia and ETITO (ElectroTechnology
    Industry Training Organisation).




                                                                 New Zealand Qualifications Authority 2011
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2   Assessment against this unit standard may be on job, or off job in a simulated work
    environment or a combination of these within the financial services industry context.
    It may be assessed against alone or in conjunction with Unit 24758, Establish
    customer relationships and analyse needs in the financial services industry.

3   References
    New Zealand Bill of Rights Act 1990;
    Commerce Act 1986;
    Companies Act 1993;
    Consumer Guarantees Act 1993;
    Credit Contracts and Consumer Finance Act 2003;
    Electronic Transactions Act 2002;
    Fair Trading Act 1986;
    Financial Reporting Act 1993;
    Financial Transactions Reporting Act 1996;
    Health and Safety in Employment Act 1992;
    Human Rights Act 1993;
    Income Tax Act 2007;
    KiwiSaver Act 2006;
    NZ IFRS (New Zealand Equivalent to International Financial Reporting Standards)
    available from http://www.nzica.com;
    Privacy Act 1993
    Securities Act 1978;
    Securities Markets Act 1988;
    Trustee Act 1956;
    Trustee Amendment Act 1988;
    industry codes of practice;
    and all subsequent amendments and replacements.

4   All activities must comply with any policies, procedures, and requirements of the
    organisations involved; the standards of relevant professional bodies including codes
    of ethics; and any relevant legislative and/or regulatory requirements.

5   Definition
    Predetermined guidelines – guidelines developed by product providers and/or
    organisations incorporating recommended usage and practice.

6   This unit standard is one of a series based on the Australian Securities Investment
    Commission (ASIC) competencies. This unit standard and Unit 24758, Establish
    customer relationships and analyse needs in the financial services industry are
    based on the Tier 2 ASIC skill requirements, however, demonstrated competence in
    these standards alone is not sufficient for ASIC licensing.

7   Range – evidence relating to a minimum of three customers is required to cover a
    representative range of needs and products.




                                                              New Zealand Qualifications Authority 2011
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Elements and performance criteria

Element 1

Develop appropriate strategies and solutions to meet customer’s needs in the financial
services industry.

Performance criteria

1.1       An appropriate strategy to provide for identified needs and outcomes is
          determined from analysis of products, customer risk profile, and assessment of
          customer needs, in accordance with industry codes of practice and
          predetermined guidelines.

          Range         identified needs and outcomes may include but are not limited to –
                        debt position, security, expectations of income from this product,
                        family income, business needs, expectations of access to product,
                        expectations of lifecycle and length of product;
                        risk profile may include – risk factors and return expectations,
                        volatility of income and capital, market and sector risks (economic
                        cycle, fixed interest, property, stock market), access restrictions on
                        product, economic, specific product risk, borrowing risk/gearing.

1.2       Relevant research, analysis and product modelling is conducted in accordance
          with industry codes of practice and predetermined guidelines.

1.3       Appropriate solution is drafted for presentation to customer in accordance with
          industry codes of practice and predetermined guidelines.

Element 2

Present appropriate strategies and solutions to the customer in the financial services
industry.

Performance criteria

2.1       Product knowledge appropriate for the solution offered is demonstrated when
          presenting the financial product/solution to the customer in accordance with
          predetermined guidelines and industry codes of practice.

2.2       The proposed solution is explained and discussed with the customer in a clear
          and unambiguous way and relevant details, terms and conditions of the
          financial product and/or service are reinforced and confirmed with the customer.

2.3       Impacts and possible risks of the solution are disclosed in a clear and concise
          manner to the customer in accordance with industry codes of practice.




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2.4        Customer is provided with written supporting documentation of the solution
           offered and guided through the key aspects of the documentation in accordance
           with industry codes of practice.

           Range         documentation may include but is not limited to – electronic or
                         manual methods, advice, disclaimers, disclosures, product
                         application forms.

Element 3

Negotiate and finalise a financial solution with the customer in the financial services
industry.

Performance criteria

3.1        Concerns and/or issues the customer has regarding the proposed solution are
           discussed and clarified in accordance with industry codes of practice.

           Range         concerns and/or issues may include – beliefs about performance,
                         security, conservative, risk, fluctuations in income and/or capital,
                         moderate, speculator, passive/active, long-term or short-term
                         investor.

3.2        Confirmation that they fully understand all elements of the proposed solution is
           sought from the customer and documented.

Element 4

Coordinate implementation of the agreed solution in the financial services industry.

Performance criteria

4.1        The formal agreement of the customer to the proposed solution is gained in
           accordance with industry codes of practice.

4.2        Associated fee and cost structures are clearly explained and confirmation of
           understanding gained from the customer in accordance with industry codes of
           practice.

4.3        Timeframes for execution and processing are clearly explained and
           confirmation of understanding gained from the customer in accordance with
           industry codes of practice.

Element 5

Complete necessary documentation in the financial services industry.

Performance criteria

5.1        Proposal and all other statutory and transactional documents are completed
           and signed off by the customer in accordance with industry codes of practice
           and organisational requirements.



                                                                 New Zealand Qualifications Authority 2011
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5.2       Copies of appropriate documentation and the signed agreement are exchanged
          in accordance with legislation, industry codes of practice and organisational
          requirements.

Element 6

Agree on and provide ongoing customer service in the financial services industry.

Performance criteria

6.1       Type and form of ongoing service, including reporting on performance and
          review of solution is agreed with the customer in accordance with industry
          codes of practice and organisational requirements.

6.2       Fees and costs for ongoing and specifically defined service are clearly
          explained and confirmation of understanding gained from the customer in
          accordance with industry codes of practice and organisational requirements.

6.3       Ongoing service is provided as agreed with customer and in accordance with
          industry codes of practice and organisational requirements.

Please note

Providers must be accredited by NZQA, or an inter-institutional body with delegated
authority for quality assurance, before they can report credits from assessment against
unit standards or deliver courses of study leading to that assessment.

Industry Training Organisations must be accredited by NZQA before they can register
credits from assessment against unit standards.

Accredited providers and Industry Training Organisations assessing against unit standards
must engage with the moderation system that applies to those standards.

Accreditation requirements and an outline of the moderation system that applies to this
standard are outlined in the Accreditation and Moderation Action Plan (AMAP). The
AMAP also includes useful information about special requirements for organisations
wishing to develop education and training programmes, such as minimum qualifications for
tutors and assessors, and special resource requirements.

Comments on this unit standard

Please contact the ElectroTechnology Industry Training Organisation connect@etito.co.nz
if you wish to suggest changes to the content of this unit standard.




                                                               New Zealand Qualifications Authority 2011

								
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