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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Explain the implications of the Financial Advisors and Intermediaries Services` Act, (FAIS) for employees in financial services organisations 
SAQA US ID UNIT STANDARD TITLE
113918  Explain the implications of the Financial Advisors and Intermediaries Services` Act, (FAIS) for employees in financial services organisations 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 2  NQF Level 02 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners work in financial services organisations including call centers, product support, administrative positions, sales and marketing and management and who need to know about FAIS, but do not give financial advice. It will empower the individual in a financial services organisation with the knowledge and skills needed to avoid inadvertently give financial advice and could be included in an induction programme for new employees. The focus is on the learner in his/her specific work situation.

The qualifying learner is capable of:
  • Explaining why the Financial Advisors and Intermediaries Services` legislation (FAIS) has been passed.
  • Applying the FAIS legislation to a specific work environment.
  • Explaining how an individual can inadvertently give advice and the consequences for that employee.
  • Identify policies, procedures and documents in an organisation that support the requirements of FAIS. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this Unit Standard. Learners should be competent in communication and Mathematical Literacy at Level 1. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is
    The Financial Advisors` and Intermediaries Services` Act
    Emphasis on the individual learner`s role, responsibilities and rights in implementing
    FAIS in a specific position in a specific organisation.
    The consequences of non compliance for both the employer and employee.
    Organisation refers to large corporate organsiations, divisions and departments within large organisations and small organisations including SMEs and SMMEs.

    Employees refers to individuals employed in a permanent, temporary, contract, casual or informal capacity who assist in an orgnisation whether or not they are on the pay role of the organisation. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain why the Intermediaries Services` (FAIS) legislation was passed. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Reasons for the FAIS legislation are explained with examples. 

    ASSESSMENT CRITERION 2 
    2. The FAIS ACT is outlined and an indication is given of how it affects employers/organisations. 

    ASSESSMENT CRITERION 3 
    3. The protection that the FAIS legislation gives clients is explained with examples. 

    ASSESSMENT CRITERION 4 
    4. Circumstances under which an employee may give financial advice are explained with examples from the learners own organisation. 

    ASSESSMENT CRITERION 5 
    5. The role of the Ombud is explained in terms of his/her role in supporting FAIS. 

    SPECIFIC OUTCOME 2 
    Apply FAIS to a specific work environment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The main functions of a specific organisation/division or department are investigated and an indication is given of how the FAIS legislation applies to each function. 

    ASSESSMENT CRITERION 2 
    2. The requirements of FAIS as they apply to an individual`s own position in an organisation are identified and an indication is given of what could constitute advice in that situation. 

    ASSESSMENT CRITERION 3 
    3. The direct and indirect consequences for the organisation if employees inadvertently give advice are explained with examples. 

    SPECIFIC OUTCOME 3 
    Explain how an individual can inadvertently give advice and the consequences for the employee. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Three ways in which an employee could inadvertently give advice are demonstrated in role play. 

    ASSESSMENT CRITERION 2 
    2. Three techniques to avoid inadvertently giving advice are demonstrate in role play. 

    ASSESSMENT CRITERION 3 
    3. The process to be followed if a learner is asked for but is not qualified to give financial advice is outlined for a specific organisation. 

    ASSESSMENT CRITERION 4 
    4. The consequences of and individual employee inadvertently giving advice are explained for five different scenarios. 

    ASSESSMENT CRITERION 5 
    5. The consequences of giving advice are explained with reference to the organisation`s disciplinary policy. 

    SPECIFIC OUTCOME 4 
    Identify the policies, procedures and documents in an organisation that support FAIS. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The individual`s letter of appointment is examined and an indication is given as to how this document supports FAIS. 

    ASSESSMENT CRITERION 2 
    2. The individual`s position description is examined and an indication is given as to how this document supports FAIS. 

    ASSESSMENT CRITERION 3 
    3. The implications of following or not following and organisation`s procedures are explained with reference to FAIS and the responsibilities for both the organisation and the individual. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA,
    INSQA framework for assessment and moderation. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO WORKING 
    Learners are able to work as a member of a team in knowing when to refer queries to an appropriate authority and the consequences or the organization if they do not comply. 

    UNIT STANDARD CCFO ORGANISING 
    Learners are able to organise and manage themselves effectively in demonstrating techniques to avoid inadvertently giving financial advice. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners can communicate effectively in answering questions or queries without inadvertently giving financial advice. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are able to demonstrate an understanding of the world as a set of related systems in recognising how an organisation`s policies, procedures and documents support the FAIS legislation, how their own actions can be construed as financial advice in terms of FAIS and the consequences of non compliance with the legislation and an organisation`s policies and procedures. 

    UNIT STANDARD CCFO CONTRIBUTING 
    Learners are able to act as responsible citizens in the organisation by understanding the consequences of inadvertently giving financial advice and taking steps to ensure that they act within the requirements of the Act and the limits of their own authority in a specific orgnisation. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Reregistered  2023-06-30  INSETA 
    Core  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 
    Core  48494   National Certificate: Financial Services Management  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  93997   National Certificate: Contact Centre and Business Process Outsourcing Support  Level 3  NQF Level 03  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. ACADEMY BUSINESS SCHOOL 
    2. BATOHI CONSULTING T/A EUREKA TALENT SOLUTIONS 
    3. BC TRAINING ACADEMY 
    4. BRIGHT IDEA PROJECTS 447 PTY LTD T/A MIND -THE- GAP 
    5. CBM TRAINING PTY LTD 
    6. CKP Development Agency (Pty) Ltd. 
    7. CUSTOMER CENTRIC SOLUTIONS PTY LTD 
    8. DIBANISA LEARNING 
    9. Faisit (Pty) Ltd 
    10. Intec College 
    11. LEARNING AND PERFORMANCE ACADEMY 
    12. MONTSONYANA STAFFING SERVICES 
    13. OSCAR MADLALA CONSULTING AND PROJECTS CC 
    14. PEOPLE SOLUTIONS 
    15. QUALITY SOLUTIONS 
    16. Sanlam Life Insurance Ltd 
    17. Sanlam Life Insurance Ltd. 
    18. SMART THINKERS SKILLS 
    19. THE IMAGE FIRM STUDIOS PTY LTD 
    20. Umfolozi FET College - Central Office 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.