"[The product has] been removed from that source but we believe it is still readily available to New Zealanders. We do not know how many of these taps have been sold and installed in the homes of New Zealanders, but these test results show that New Zealanders' health is at risk," Wallace said.
"We need the Government to undertake a full testing programme to understand the extent of the issue."
Wallace said young children were particularly vulnerable to the toxic effects of lead and can suffer permanent health issues from the contamination.
The World Health Organisation deems no level of lead exposure is safe.
Master Plumbers commissioned testing on the four products and was conducted in an independent lab, carried out by running water through the taps.
"Currently New Zealand adherence to standard is voluntary. Products are not being tested and as a result, there is a high risk that unsafe products are readily available to consumers both instore and online," Wallace said.
"We believe that there will be other tapware and pipe systems out there that will also fail this standard."
A mandatory water mark on all plumbing products was implemented in Australia following several high-profile cased of poor-quality products in its public water systems.
Wallace said he believed New Zealand should have a compulsory third-party testing and verification process for all plumbing products sold on the market.
"The health of New Zealanders is at stake. We are concerned about the current voluntary system," he said.
"This is too important to not get right."