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: 

Research the history of the Financial Services Industry in South Africa 
SAQA US ID UNIT STANDARD TITLE
8986  Research the history of the Financial Services Industry 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 3  NQF Level 03  10 
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 provides a background to the financial services industry in South Africa. It introduces an historical aspect that allows learners to compare change in the industry over time. It addresses knowledge relevant to the financial services sector and requires comprehension, the application of knowledge and the ability to compare and interpret information. It will assist learners in becoming knowledgeable and informed workers in the financial services sector.

The qualifying learner is capable of
  • Comparing the different sectors that are classified as financial.
  • Investigating the history of banking in South Africa.
  • Investigating the history of one of the insurance sub sectors in South Africa.
  • Investigating the history of the collective investment sector in South Africa.
  • Investigating micro lending as a sub sector of financial services.
  • Investigating alternative avenues for loans and investments outside of the main stream financial services sector. 

  • 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, Financial Literacy and Mathematical Literacy at NQF Level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • Short term, long term and healthcare benefits administration.
  • Collective investment schemes.
  • Banks.
  • Micro lenders
  • The main stream financial services sector includes banks, the insurance and investment sector, collective investment schemes, Healthcare Benefits Administration, and micro lenders. 

  • Specific Outcomes and Assessment Criteria: 

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

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The various categories of financial service are described and similarities and differences between the different categories are indicated using terminology accepted within the financial services industry. 

    ASSESSMENT CRITERION 2 
    Business processes common to a variety of financial services are described and an indication is given of possible variations in the processes between providers. 

    ASSESSMENT CRITERION 3 
    Two companies offering different financial services are compared in terms of the range of services offered and standing in the industry. 

    ASSESSMENT CRITERION 4 
    The reasons for the existence of the banking, insurance and investment sub-sectors are explained and suggestions are made as to the possible effect that there would be on financial services should one of the sub-sectors cease to exist. 

    ASSESSMENT CRITERION 5 
    The different services offered in the banking and insurance are compared and arguments are presented for and against bancassurance. 

    ASSESSMENT CRITERION 6 
    A decision is made as to which sub-sector would be most suitable to meet a specific financial need. 

    SPECIFIC OUTCOME 2 
    Investigate the history of banking in South Africa. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The needs and wants of customers in the 21st Century are compared for two different periods in the history of South Africa. 

    ASSESSMENT CRITERION 2 
    Products and services now and in the two periods selected are compared in terms of identified needs and wants and the changes in these over time. 

    ASSESSMENT CRITERION 3 
    Possible reasons for the change in needs and wants are indicated with reference to changing social, political and economic conditions. 

    ASSESSMENT CRITERION 4 
    Technology (including tools and instruments) that has impacted on the range of services offered in the financial services sector is identified and an explanation is given as to how technology has impacted on banking. 

    ASSESSMENT CRITERION 5 
    A process used in an organisation is described and compared with and without the use of technology with reference to time, cost to company and customer service. 

    ASSESSMENT CRITERION 6 
    The skills needed by workers in banks now and in the past are identified and compared with an indication of how the skills of employees in a bank have changed over time. 

    ASSESSMENT CRITERION 7 
    The implications of changes in technology and the world of work for workers in the banking sector are indicated in terms of skills needed and career paths. 

    ASSESSMENT CRITERION 8 
    A possible scenario for banking in the future is presented demonstrating creative thinking, problem solving, team work and ability to anticipate the changing world of technology and work. 

    SPECIFIC OUTCOME 3 
    Investigate the history of one of the insurance sub sectors in South Africa. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The needs and wants of customers in the 21st Century are compared for two different periods in the history of South Africa. 

    ASSESSMENT CRITERION 2 
    Products and services now and in the two periods selected are compared in terms of identified needs and wants and the changes in these over time. 

    ASSESSMENT CRITERION 3 
    Possible reasons for the change in needs and wants are indicated with reference to changing socio, political, environmental and economic conditions. 

    ASSESSMENT CRITERION 4 
    Technology (including tools and instruments) that has impacted on the range of services offered in the financial services sector is identified and an explanation is given as to how technology has impacted on insurance. 

    ASSESSMENT CRITERION 5 
    A process used in an organisation is described and compared with or without the use of technology with reference to time, cost to company and customer service. 

    ASSESSMENT CRITERION 6 
    The skills needed by workers in the insurance sub-sector now and in the past are identified and compared with an indication of how the skills of employees in an organisation have changed over time. 

    ASSESSMENT CRITERION 7 
    The implications of changes in technology and the world of work for workers are indicated in terms of skills needed and career paths in the insurance sector. 

    ASSESSMENT CRITERION 8 
    A possible scenario for insurance in the future is presented demonstrating creative thinking, problem solving, team work and ability to anticipate the changing world of technology and work. 

    SPECIFIC OUTCOME 4 
    Investigate the history of the collective investment sector in South Africa. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The investment needs of customers are compared and reasons are given for the development of collective investment schemes as a form of investment. 

    ASSESSMENT CRITERION 2 
    Products and services now and in two different decades since 1969 are compared in terms of identified needs and wants and the changes in these over time. 

    ASSESSMENT CRITERION 3 
    The effect of the 1969 Johannesburg Stock Exchange (JSE) crash on the unit trust industry is examined and positive and negative effects are identified. 

    ASSESSMENT CRITERION 4 
    The effect of the 1987 Johannesburg Stock Exchange (JSE) crash on the unit trust industry is investigated and the impact of the crash on the unit trust industry is compared to that of the 1969 crash. 

    ASSESSMENT CRITERION 5 
    Technology (including tools and instruments) that has impacted on the accessibility and range of services offered in the unit trust sector is identified and an explanation is given as to how technology has impacted on the industry. 

    ASSESSMENT CRITERION 6 
    The role of managed prudential funds is described with reference to retirement funding and an indication is given of the effect of changes in the legislative environment. 

    ASSESSMENT CRITERION 7 
    The effect of globalisation on the collective investment industry is explained with reference to a selected organisation or collective investment scheme portfolio. 

    ASSESSMENT CRITERION 8 
    A possible scenario for collective investment schemes in the next decade is presented indicating creative thinking, problem solving, teamwork and ability to anticipate the changing world of investment and technology. 

    SPECIFIC OUTCOME 5 
    Investigate micro lending as a sub sector of financial services. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Micro lenders as an avenue for obtaining loans are named and an indication is given of the impact of legislation on that sub sector. 

    ASSESSMENT CRITERION 2 
    An explanation is given of the role of the Micro Lenders' Association (SAMLA) in the micro lending industry. 

    ASSESSMENT CRITERION 3 
    Micro lenders and main stream financial services institutions are investigated in terms of why people choose to borrow money from micro lenders. 

    SPECIFIC OUTCOME 6 
    Investigate alternative avenues for obtaining loans or making investments outside of the main stream financial services sector. 
    OUTCOME RANGE 
    Loan sharks, stokvels, pawn shops, funeral societies, pyramid schemes. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Alternative avenues for obtaining loans and making investments are named and classified in terms of whether they are regulated or unregulated. 

    ASSESSMENT CRITERION 2 
    Rates of interest charged in a regulated and unregulated organisation are compared in terms of value for money. 

    ASSESSMENT CRITERION 3 
    Customers in the financial services sector and the alternate system are compared and reasons are given to explain why some customers choose to use the informal/unregulated service. 

    ASSESSMENT CRITERION 4 
    The terms under which loans and investments are made in the formal and informal sectors are compared and an indication is given of the avenues that are available to dissatisfied customers in each system. 

    ASSESSMENT CRITERION 5 
    The risk to the customer and money lender in a non-regulated environment are indicated and an explanation is given as to how the risk affects the rate. 

    ASSESSMENT CRITERION 6 
    The legislation (Acts and Regulations) that regulate the financial services sector is listed and an indication given as to which Acts apply to the formal and alternative sectors. 

    ASSESSMENT CRITERION 7 
    The advantages and disadvantages of the regulated and alternate systems are summarised and financial services legislation is interpreted as it applies to both systems. 

    ASSESSMENT CRITERION 8 
    A set of questions is compiled that could help a person seeking a loan or investment to make a decision about whether to apply to or invest in a registered institution or use an unregulated option. 


    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 IDENTIFYING 
    Learners can explore educational and career opportunities by identifying the skills needed by workers in banks, insurance organisations and their own organisation. 

    UNIT STANDARD CCFO WORKING 
    Learners can work effectively as a member of a team when presenting possible scenarios for insurance in the next decade. 

    UNIT STANDARD CCFO ORGANISING 
  • Learners can organise and manage themselves responsibly by researching the information required by this Unit Standard.
  • Learners can organise their personal financial needs by understanding and comparing the different financial services available and by deciding on which sub-sector will best meet their financial need. 

  • UNIT STANDARD CCFO COLLECTING 
    Learners can collect, organise and evaluate information by comparing the different categories of financial services. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners can communicate effectively using visual, mathematics or language skills when presenting descriptions, comparisons and arguments for and against various financial services and the emergence of bank assurance. 

    UNIT STANDARD CCFO SCIENCE 
    Learners can research the development of science and technology in the financial services sector and can critically compare processes followed with or without the use of technology. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners can demonstrate an understanding of the world as a set of related systems when investigating and comparing modern customers` needs to past requirements and the changes in needs and wants regarding financial services. 

    UNIT STANDARD CCFO CONTRIBUTING 
  • Learners can explore a variety of strategies to learn more effectively through researching the history of the financial services industry in South Africa.
  • Learners can participate as responsible citizens in understanding the risk associated with money lending in a non-regulated environment and by exploring the advantages and disadvantages of the regulations and alternative systems of money lending. 

  • 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. 

    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  20177   National Certificate: Insurance  Level 3  NQF Level 03  Passed the End Date -
    Status was "Registered" 
    2004-10-10  Was INSETA until Last Date for Achievement 
    Core  20638   National Certificate: Collective Investment Schemes  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  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  20639   National Certificate: Healthcare Benefits Administration: Claims Assessing  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  INSETA 
    Elective  20774   National Certificate: Insurance: Long Term: Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  Was INSETA until Last Date for Achievement 
    Elective  20773   National Certificate: Long Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  INSETA 
    Elective  21796   National Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2005-06-12  Was INSETA until Last Date for Achievement 


    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. CKP Development Agency (Pty) Ltd. 
    2. Discovery Life Ltd 
    3. Faisit (Pty) Ltd 
    4. Intec College 
    5. Invuya Institute of Learning (Pty) Ltd 
    6. Masifunde Training Centre (Pty) Ltd 
    7. Sanlam Life Insurance Ltd 
    8. Sanlam Life Insurance Ltd. 
    9. 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.