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: 

Effect and finalise instructions to close finance accounts in a banking environment 
SAQA US ID UNIT STANDARD TITLE
7155  Effect and finalise instructions to close finance accounts in a banking environment 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
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  23 
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 people who are responsible for effecting instructions to close a moveable asset based account. People credited with this unit standard are able to ensure the feasibility of the instruction and to reconcile and close the account. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Open. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Ensure the feasibility of an instruction to close a finance account 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Instruction to close a finance account is received and recorded according to company specifications. 

ASSESSMENT CRITERION 2 
2. The authenticity of the instruction is confirmed as per supporting documentation. 
ASSESSMENT CRITERION RANGE 
Supporting documentation includes, but is not limited to authorised consent from client, authorised instruction from legal department, signatures within mandates.
 

ASSESSMENT CRITERION 3 
3. The feasibility of the instruction is verified and ensured according to company and legal requirements. 
ASSESSMENT CRITERION RANGE 
Feasibility is dependent on settlement quotation issued, quotation's period of validity, adherence to requirements stipulated in contract, Credit Agreement Act regulations and system requirements.
 

SPECIFIC OUTCOME 2 
Reconcile finance account 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Deposit of settlement amount according to quotation is confirmed. 

ASSESSMENT CRITERION 2 
2. Transactions between settlement quotation date and date closed are reconciled according to company specifications. 

ASSESSMENT CRITERION 3 
3. Lender's interest is protected and secured according to company specific regulations. 
ASSESSMENT CRITERION RANGE 
Interest refers to prevention of interest claims, shortfalls and legal actions.
 

SPECIFIC OUTCOME 3 
Close a finance account 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Transactions required to close the account are authorised and processed according to company specific criteria. 

ASSESSMENT CRITERION 2 
2. A nil balance is displayed on account. 
ASSESSMENT CRITERION RANGE 
Outstanding amount is either recovered or refunded to ensure a nil balance.
 

ASSESSMENT CRITERION 3 
3. A closed status is imposed on the account according to company specifications. 

ASSESSMENT CRITERION 4 
4. Interested parties are notified of the account status according to company specifications. 
ASSESSMENT CRITERION RANGE 
Interested parties include, but are not limited to customers, branches and/or internal departments e.g. legal department.
 

ASSESSMENT CRITERION 5 
5. Account record is prepared and submitted for safekeeping according to company specifications. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
Accreditation process (including moderation):
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines in the relevant qualification and the agreed ETQA procedures.

    Therefore anyone wishing to be assessed against this unit standard may apply to be assessed by any assessment agency, assessor or provider institution which is accredited by the relevant ETQA. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    Learners are able to:
  • Perform calculations using a financial calculator
  • Interpret and adhere to regulations of the Credit Agreement act applicable to closing of finance accounts
  • Organise their activities to ensure the accurate completion of tasks
  • Use technology and systems to communicate and to ensure the effective flow of information
  • Complete and process company specific financial transactions
  • Operate data systems to amend, locate and extract information to complete the task at hand
  • Interpret and adhere to all relevant banking policies and procedures regarding closing of finance accounts 


  • Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems when ensuring the feasibility of an instruction to close a finance account and when reconciling the finance, ensuring decisions regarding acceptance are only taken once the lender's interest had been secured. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others when obtaining and validating closing instructions from internal departments, attorneys and/or clients, ensuring the authenticity and feasibility of the instruction. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage his/her activities responsibly and effectively, ensuring the accurate and timeous completion of the task at hand. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information when effecting and finalising instructions to close finance accounts, ensuring that the lender's interest is protected and secured at all times. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate both verbally and in writing when attending to instructions to close finance accounts and notification of interested parties regarding the status of the account. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use science and technology effectively when locating and extracting information and amending account information, ensuring complete and accurate information is available on systems. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the relationship between internal departments, attorneys, insurance companies and clients and the importance of networking to effectively effect and finalise instructions to close finance accounts. 

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

    UNIT STANDARD NOTES 
    Legal requirements:

    Credit Agreements Act

    Assessment against unit standard:

    Assessment practices against this unit standard should meet the requirements of established assessment principles, such as validity, reliability and fairness. Assessment activities and tools, which are appropriate to the context in which learners are working, should be used. The assessment should ensure that all the specific outcomes, critical cross-field outcomes, and essential embedded knowledge are assessed. Learners are required to demonstrate that they can perform the specific outcomes with understanding and reflexivity and, where applicable, within all the situations and circumstances defined by the range statement(s). 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20184   National Certificate: Banking  Level 3  NQF Level 03  Reregistered  2023-06-30  BANKSETA 


    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.
     
    NONE 



    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.