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: 

Demonstrate knowledge and understanding of aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa 
SAQA US ID UNIT STANDARD TITLE
120017  Demonstrate knowledge and understanding of aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa 
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 4  NQF Level 04 
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 intended for learners who work as Finance and Insurance Business Managers in the motor retail industry at dealership level, in Telesales, and other retail financing operations including travel insurance and freight forwarding. It will also be useful for learners in banks, financial service providers and micro lenders.

The qualifying learner is capable of:
  • Researching the history of consumer credit in South Africa.
  • Explaining the rationale for the introduction of Consumer Credit Law Reform.
  • Analysing how the Consumer Credit Law Reform supports the South African Constitution and other relevant legislation.
  • Explaining issues of compliance related to different credit agreements. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should be competent in Communication and Mathematical Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • The history of credit legislation includes the Usury Act, the Credit Agreement Act, Limitations and disclosure of Finance Charges Act and the Hire Purchase Act.
  • Discriminatory practices include, but are not limited to, red lining, first time buyers, race, gender, age, marital status, location and occupation.
  • The rights of the consumer include, but are not limited to, discrimination, access to credit and transparency.
  • A selected credit agreement should be selected according to the learners work role and situation.
  • Credit agreements include, but are not limited to, mortgage, lease, pawn transactions, lease of personal property, secured loans, installment accounts, discount accounts and incidental credit agreements. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Research the history of consumer credit in South Africa. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The history of consumer credit is outlined with reference to the influence of socio economic conditions on South African credit legislation. 

    ASSESSMENT CRITERION 2 
    Discriminatory practices in South Africa are identified with reference to target markets and access to credit. 

    SPECIFIC OUTCOME 2 
    Explain the rationale for the introduction of Consumer Credit Law Reform. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The role of credit in the economy is explained with examples. 

    ASSESSMENT CRITERION 2 
    The concept of over indebtedness is explained with examples. 

    ASSESSMENT CRITERION 3 
    The concept of a dual economy is explained with reference to the effect on credit markets. 

    ASSESSMENT CRITERION 4 
    The role of Consumer Credit Law Reform in creating a fair, competitive and sustainable credit market is explained with examples. 

    SPECIFIC OUTCOME 3 
    Analyse how the Consumer Credit Law Reform supports the South African Constitution and other relevant legislation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The rights and responsibilities of the consumer are analysed with reference to the Consumer Credit Law Reform and the South African Constitution. 

    ASSESSMENT CRITERION 2 
    The rights and responsibilities of the credit grantor are analysed with reference to the Consumer Credit Law Reform, the South African Constitution and business best practice. 

    ASSESSMENT CRITERION 3 
    The relationship between the South African Constitution, FAIS, FICA and the Consumer Credit Law Reform is explained with examples. 

    ASSESSMENT CRITERION 4 
    The role of debt protection in consumer credit agreements is explained from the point of view of the credit provider, the client and the retail outlet. 

    SPECIFIC OUTCOME 4 
    Explain issues of compliance related to different credit agreements. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Different types of credit agreement are explained with examples. 

    ASSESSMENT CRITERION 2 
    A contract is analysed to determine the parties to the contract, terms and conditions, ownership and tax implications. 

    ASSESSMENT CRITERION 3 
    Avenues available for redress are explained with reference to the grantors internal policies and the National Consumer Credit Regulator. 

    ASSESSMENT CRITERION 4 
    The role of the National Consumer Credit Council, the National Consumer Credit Advisory Committee and the Consumer Tribunal are explained with examples. 

    ASSESSMENT CRITERION 5 
    The requirements for the registration of credit agreements are explained with reference to the central registry and the consequences of non-compliance. 

    ASSESSMENT CRITERION 6 
    Case studies of credit marketing practice are analysed to determine legal and illegal practices. 

    ASSESSMENT CRITERION 7 
    The consequences of non-compliance with current credit legislation are explained with reference to the grantor and the client. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    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 COLLECTING 
    The learner is able to collect, organise and critically evaluate information in researching the history of consumer credit in South Africa. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in analysing a contract and explaining issues of compliance. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems by identifying the relationship between socio-economic conditions and consumer credit legislation. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to make a responsible decision in structuring a financial agreement for a specific customer. 

    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  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. Executive People Development Solutions (Pty) Ltd 
    4. Intelligo Solutions Pty (Ltd) 
    5. Invuya Institute of Learning (Pty) Ltd 
    6. Masifunde Training Centre (Pty) 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.