SAQA 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.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Explain the structure of the financial services industry in South Africa 
SAQA US ID UNIT STANDARD TITLE
113922  Explain the structure of the financial services industry in South Africa 
ORIGINATOR
SGB Financial Services 
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 3  NQF Level 03 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 
2007-01-23  2007-02-21  SAQA 0160/05 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2008-02-21   2011-02-21  

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 is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
243144  Explain the structure of the financial services industry in South Africa  Level 3  NQF Level 03  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard provides a broad introduction to the financial services industry in South Africa. The focus is knowledge, skills, values and attitudes required of a team leader or first line manager in a financial services organisation or business unit.

The qualifying learner is capable of:
  • Describing the different services that are classified as financial.
  • Explaining the concept of financial planning and the role of the sub sectors in wealth creation and management.
  • Explaining the concept of a market as applied to the Financial Services industry.
  • Identifying potential clients in the financial services market. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this Unit Standard. Learners should competent in Communication and Mathematical Literacy at NQF Level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard requires learners to name large, medium and small banks, the central bank, micro-financiers, long and short term insurance, intermediary insurance, asset management, trust management, unit trust management and South African Revenue Services as categories of financial service. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Describe the different services that are classified as financial. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The sub-sectors in the financial services industry are named and an indication is given of the kind of services in each sub-sector. 

    ASSESSMENT CRITERION 2 
    2. Examples of companies in the financial services sector are identified from advertisements in the media and the kind of financial services offered by each are listed and categorised according to purpose. 

    ASSESSMENT CRITERION 3 
    3. Market associations among the major financial services groups are named and illustrated visually to show the links. 

    ASSESSMENT CRITERION 4 
    4. The role of intermediaries in the industry is outlined in relation to the service provided to the client and the industry and an indication is given of how FAIS legislation impacts on the relationship between intermediaries and the financial services industry. 

    ASSESSMENT CRITERION 5 
    5. The position of the learner`s own organisation in the financial services industry is explained with reference to sector, sub-sector and financial services offered by the organisation. 

    SPECIFIC OUTCOME 2 
    Explain the concept of financial planning and the role of the sub sectors in wealth creation. 
    OUTCOME NOTES 
    Explain the concept of financial planning and the role of the sub sectors in wealth creation and management. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The concepts of insurance and pooling of risk are explained in relation to personal risk management. 

    ASSESSMENT CRITERION 2 
    2. The role of insurance is described in relation to personal financial planning. 

    ASSESSMENT CRITERION 3 
    3. The role of investment is explained in relation to personal financial planning. 

    ASSESSMENT CRITERION 4 
    4. The role of banking is explained in relation to personal financial planning. 

    ASSESSMENT CRITERION 5 
    5. Terminology used in the industry such as offer, acceptance and subject matter is explained and used in the context of a financial services contract. 

    SPECIFIC OUTCOME 3 
    Explaining the concept of a market as applied to the Financial Services industry. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The concept of a market is explained with examples. 

    ASSESSMENT CRITERION 2 
    2. The markets of the different sectors of financial services industry are compared with reference to the principles of trade that define markets. 

    SPECIFIC OUTCOME 4 
    Identify potential clients in the financial services market. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Basic needs common to all people are identified and an indication is given of when people could be expected to perceive a need for financial services. 

    ASSESSMENT CRITERION 2 
    2. Environmental, family and health factors that may motivate people to select a specific financial service are identified with examples. 

    ASSESSMENT CRITERION 3 
    3. Different needs for financial services are discussed with reference to attitudes, values and factors that influence an individual`s choice of financial service. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative and formative assessment by a registered assessor.
  • Assessors must be registered as an Assessor with the relevant ETQA
  • Moderators must be registered as assessors with the relevant ETQA, or with an ETQA that has a Memorandum of Agreement with the relevant ETQA.
  • Training providers must be accredited by the relevant ETQA.

    Moderation should include both internal and external moderation where applicable. 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and evaluate information in identifying examples of companies in the financial services sector. 

    UNIT STANDARD CCFO COMMUNICATING 
    A learner is able to communicate effectively in explaining the concepts indicated in the assessment criteria. 

    UNIT STANDARD CCFO DEMONSTRATING 
    A learner is able to see the world as a set of related systems in outlining the relationship between intermediaries and the industry and naming market associations among the major financial services groups. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 243144, which is ' Explain the structure of the financial services industry in South Africa ', Level 3, 4 credits 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    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 
    Core  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2007-02-11  Was INSETA until Last Date for Achievement 
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  66609   Further Education and Training Certificate: Retail Insurance  Level 4  NQF Level 04  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. Alcari Learning Centre (Pty) Ltd 
    2. CKP Development Agency (Pty) Ltd. 
    3. Discovery Life Ltd 
    4. Executive People Development Solutions (Pty) Ltd 
    5. Faisit (Pty) Ltd 
    6. Intec College 
    7. Intelligo Solutions Pty (Ltd) 
    8. Invuya Institute of Learning (Pty) Ltd 
    9. Masifunde Training Centre (Pty) Ltd 
    10. RJM Educational Consulting PTY LTD 
    11. Sanlam Life Insurance Ltd 
    12. Sanlam Life Insurance Ltd. 



    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.