Updated 21 February 2025
Between May 2024- February 2025, Ringa Hora Services Workforce Development Council engaged with the sector to work with a review panel to inform the development of skill standards to replace existing unit standards and to recommend development of skill standards to fill any gaps identified by the panel.
We are now pleased to report that the standards have been submitted to NZQA for evaluation. It will take 20 working days for the application to be picked up and assigned to an evaluator at NZQA and another 20 working days for the evaluation to be returned for more information.
Below is a list of the standards that were submitted to NZQA for approval and a table of how the standards were designed to meet the graduate profile outcomes of the New Zealand Certificate in Financial Services (Level 5) with strands in Investment; Life, Disability, and Health Insurance; General Insurance; Residential Property Lending, Personal Lending, Banking, Trustee Services [Ref: 2315-3].
Please note that the unit standards that are being replaced by the skill standards will be given a 2 year expiration date for transitioning purposes.
| GPO | Strand | Skill standard | Replaces Unit Standard |
| Apply good conduct obligations in client interactions, including the advice process and the key elements of legal, ethical, and professional obligations. | Core | NEW Build client relationship and communicate ethically and professionally with clients. | 31855, 31858 |
| Provide a range of financial advice solutions to clients using knowledge of key financial participants, systems and markets, and products and services. | NEW Apply knowledge of financial markets and systems to provide financial advice solutions in a general financial services content. | 31856, 31857, 31855, 31858 | |
| Provide a range of financial advice solutions using knowledge of key factors that impact participants and outcomes in the financial services sector. | |||
| Interpret applicable provisions in the regulatory framework to use when providing Financial Advice and Financial Advice Services. | Build client relationship and communicate ethically and professionally with clients.
|
31855, 31858 | |
| Provide investment services using knowledge of investment concepts, legislation, regulations, codes of conduct; and the purpose, responsibilities and roles of participants. | Investment | Provide investment services using knowledge of the investment environment and concepts.
|
31859 Demonstrate and apply knowledge of the investment services environment and concepts |
| Establish, analyse, and review a range of client investment needs, objectives, risk tolerance, and priorities for the provision of client investment advice. | Analyse client information to establish investment needs and apply process for investment recommendations | 31861 Gather and analyse information to determine client investment needs | |
| Analyse investment products, structures, options, benefits, risks, and limitations when developing suitable solutions to a range of client investment needs. | Apply knowledge of investment assets, services, and financial instruments to meet client needs | 31862 Demonstrate and apply knowledge of investment assets, services, and financial instruments to meet client needs | |
| Develop suitable solutions to client investment needs using knowledge of the relationship between the economic environment and events, investor perceptions, and investment products. | Develop investment solutions using knowledge of economic factors to meet client needs | 31863 Demonstrate and apply knowledge of economic factors to provide investment solutions | |
| Apply the Six Step advice process to provide suitable advice in an investment context. | N/A- incorporated into the above skill standards | 31864 | |
| Provide life, disability, and health insurance services using knowledge of life, disability, and health insurance concepts, regulator guidance, legislation, regulations, codes of conduct; and the purpose, responsibilities and roles of participants. | Life, Disability and Health Insurance
|
Apply knowledge of life, disability, and health insurance regulatory framework, concepts, and approaches
|
31865 Demonstrate and apply knowledge of the life, disability, and health insurance environment and concepts |
| Establish, analyse, and review a range of personal life, disability, and health insurance needs, objectives, risk tolerance, and priorities for the provision of life, disability, and health insurance advice. | Analyse client information to establish life, disability, and health insurance needs
|
31866 Gather and analyse information to determine client life, disability, and health insurance needs | |
| Analyse life, disability, and health insurance products, structures, and options; Government support agency benefits, fees and levies; and potential non-insurance solutions when developing suitable solutions to a range of personal life, disability, and health insurance needs. | Apply knowledge of life, disability, and heath insurance products and services to meet client needs
|
31867 Apply knowledge of life, disability, and health insurance products and services to meet client needs | |
| Provide life, disability, and health insurance services using knowledge of the processes of the application, underwriting, issue, maintenance, claims, cancellation, and ending of life, disability, and health insurance contracts. | Apply administrative processes for the provision of life, disability and health insurance services
|
31868 Demonstrate and apply knowledge of administrative processes to provide life, disability, and health insurance services. | |
| Apply the Six Step advice process to provide suitable advice in a life, disability, and health insurance context. | N/A- incorporated into the above skill standards | 31869 Provide advice in a life, disability, and health insurance context using the Six Step Process
|
|
| Provide general insurance services using knowledge of general insurance concepts, regulator guidance, legislation, regulations, codes of conduct; and the purpose, responsibilities and roles of participants. | General Insurance | Apply knowledge of general insurance regulatory framework, concepts, and approaches.
And |
31870 Demonstrate and apply knowledge of the general insurance services environment and concepts |
| Establish, analyse, and review a range of personal, domestic, or small business or general insurance needs for retail clients, objectives, risk tolerance, and priorities. | Analyse client information to establish general insurance needs | 31871 Gather and analyse information to determine client general insurance needs | |
| Analyse general insurance products, structures, and options; fees and levies; and potential non-insurance solutions when developing suitable solutions to a range of personal, domestic, or small business general insurance needs for retail clients. | Apply knowledge of general insurance products and services to meet client needs | 31872 Apply knowledge of general insurance products and services to meet client needs | |
| Provide general insurance services using knowledge of the processes of the application, underwriting, issue, placement, maintenance, review, claims, cancellation, and ending of general insurance contracts. | Apply knowledge of processes and policy life cycle for the provision of general insurance services | 31873 Demonstrate and apply knowledge of administrative processes to provide general insurance services | |
| Apply the Six Step advice process to provide suitable advice in lending concepts in a general insurance context. | N/A- incorporated into the above skill standards | 31874 Provide advice in a general insurance context using the Six Step Process | |
| Provide residential property lending services using knowledge of residential property lending concepts and principles, regulator guidance, legislation, regulations, codes of conduct; and the purpose, responsibilities and roles of participants. | Residential Property Lending
|
Provide lending services with knowledge of the lending environment and concepts.
Share with Personal Lending |
31875 Demonstrate and apply knowledge of the residential property lending services environment and concepts |
| Establish, analyse, and review a range of residential property lending needs, objectives, risk tolerance, and priorities for the provision of residential property lending. | Establish borrowing needs and apply process to implement and monitor recommendations for lending services
Share with Personal Lending |
31876 Gather and analyse information to determine client residential property borrowing needs | |
| Analyse residential property lending products, structures, and options, when developing suitable solutions to a range of residential property lending needs. | Apply knowledge of lending products and services to meet client needs and process a loan application
Share with Personal Lending |
31877 Apply knowledge of residential property lending products and services to meets needs and process a loan application | |
| Develop suitable solutions to residential property lending needs using knowledge of the relationship between the economic environment and events, the residential property market, and the impacts on residential property lending. | Apply knowledge of factors and lending concepts to residential property lending solutions for client borrowing needs
Unique to RPL |
28385 Demonstrate and apply knowledge of market factors and key concepts affecting residential property to meet client needs | |
| Apply the Six Step advice process to provide suitable advice in a residential property lending context. | N/A – will incorporate into skill standards | 31879 Provide advice in a residential property lending context using the Six Step Process
|
|
| Provide personal lending services using knowledge of personal lending concepts, regulator guidance, legislation, regulations, codes of conduct; and the purpose, responsibilities and roles of participants. | Personal Lending | Provide lending services with knowledge of the lending environment and concepts.
Share with RPL |
31880 Demonstrate and apply knowledge of the personal lending services environment and concepts |
| Develop suitable solutions to a range of personal lending needs using knowledge of the relationship between personal lending products and individual’s needs. | Establish borrowing needs and apply process to implement and monitor recommendations for lending services
Share with RPL |
31881 Gather and analyse information and apply information of products to meet personal borrowing needs | |
| Develop suitable solutions to personal lending needs using knowledge of key lending concepts and frameworks. | Apply knowledge of lending products and services to meet client needs and process a loan application
Share with RPL |
28382 Develop personal lending solutions to meet lending framework requirements and process and personal loan application | |
| Apply the Six Step advice process to provide suitable advice in a personal lending context | N/A – will incorporate into skill standards | 31882 Provide advice in a personal lending context using the Six Step Process
|
|
| Provide banking services using knowledge of banking concepts, regulator guidance, legislation, regulations, codes of conduct; and the purpose, responsibilities and roles of participants. | Banking | N/A | 31883 Demonstrate and apply knowledge of the banking services environment and concepts
Revision |
| Establish, analyse, and review a range of banking needs, objectives, risk tolerance, and priorities for the provision of banking advice. | 31884 Gather and analyse information to determine client banking needs
Revision |
||
| Analyse banking products, structures, and options when developing suitable solutions to a range of banking needs. | 31885 Apply knowledge of banking products and services to meet client needs
Revision |
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| Develop suitable solutions to banking needs using knowledge of key lending concepts and frameworks. | 28362 Demonstrate and apply knowledge of key lending concepts and frameworks to a variety of lending situations in banking
Revision |
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| Provide trustee services using knowledge of trustee concepts, regulator guidance, legislation, regulations, codes of conduct; and the purpose, responsibilities and roles of participants. | Trustee Services | N/A | 31887 Demonstrate and apply knowledge of the trustee services environment and concepts EXPIRE |
| Establish, analyse, and review a range of trustee services needs, objectives, and priorities for the provision of trustee services advice. | 31888 Gather and analyse information to determine client trustee services needs
EXPIRE |
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| Analyse trustee products, structures, and options when developing suitable solutions to a range of trustee services needs. | 31889 Demonstrate and apply knowledge of trustee products and services to meet client needs
EXPIRE |
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| Carry out trustee administration responsibilities | 28389 Demonstrate the administrative responsibilities required under a trustee appointment
EXPIRE |
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| Apply the Six Step advice process to provide suitable advice in a trustee services context. | 31890 Provide advice in a trustee services context using the Six Step Process
EXPIRE |
