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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION THAT HAS PASSED THE END DATE: 

National Certificate: Financial Services 
SAQA QUAL ID QUALIFICATION TITLE
48783  National Certificate: Financial Services 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
INSETA - Insurance Sector Education and Training Authority  OQSF - Occupational Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
National Certificate  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Level 2  NQF Level 02  Regular-Unit Stds Based 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Passed the End Date -
Status was "Reregistered" 		 SAQA 06120/18  2018-07-01  2023-06-30 
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 qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
The purpose of the Qualification is to build the knowledge and skills required by entry-level employees in the industry and learners in learnerships as part of the implementation of the Financial Services Charter. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate confidently as workers in the South African financial services community and to respond to the challenges specific to the financial services environment and the changing world of work in the industry. It will be useful for:
  • Entry level administrators
  • Sales and service entry level administrators.
  • Intermediaries: Category A
  • Clerks
  • Learners in call centres, who give information but not advice.
  • Learners in learnerships, particularly 18.2 category learners (unemployed learners)
  • Administration assistants
  • Learners in elementary positions in the financial services industry.

    The Qualification provides a balanced learning experience that allows flexible access to further education, lifelong learning and to productive employment in the financial services sector or other industries.

    Rationale for the qualification:

    The National Certificate in Insurance Administration: Level 2, NLRD no: 14657, was registered in 2001 to meet the needs of multiple work roles, organisational requirements and the changing technological nature of the insurance industry. It provides entry-level access and serves as a bridging Qualification for entrants into the insurance industry.

    The financial services environment has changed substantially since 2001. The introduction of The Financial Advisory and Intermediary Services Act , Act 37 of 2002 (FAIS) and the Finance Intelligence Centre Act, Act 38 of 2001 (FICA) has raised awareness about issues of compliance. In addition, The Fit and Proper registration requirements of the Financial Services Board (FSB) require intermediaries to hold certain educational Qualifications. The industry has determined that the Qualification for Category A intermediaries who market assistance policies should be at NQF
    Level 2. The industry therefore requested that The National Certificate in Insurance Administration: Level 2 be expanded to make it relevant for intermediaries in Category A. As intermediaries in this category are not necessarily employed in insurance organisations it was agreed that a Qualification entitled The National Certificate in Financial Services: Level 2 would be more appropriate and could be used across the Financial Services Sector.

    The National Certificate in Financial Services: Level 2 therefore replaces the National Certificate in Insurance Administration: Level 2 when it reaches the end of its registration period.

    The Financial Charter was adopted in 2003. As part of the Charter, the Financial Services Industry undertook to offer a number of learnerships in Financial Services to unemployed youth. The number of employees in the sector continues to shrink and it is unlikely that the industry will be able to offer employment to the number of people it is required to train in learnerships. In consultations with the Department of Labour it was agreed that the industry should offer learnerships towards a financial services Qualification and provide the opportunity for unskilled and unemployed youth to acquire skills and work experience. It was agreed that the required Qualification should include life skills and entrepreneurship so that the learners are able to seek employment in another sector or start their own businesses. This will help to address the skills shortage in the country and provide opportunities for people who, at present, do not have marketable skills and experience. The proposed National Certificate in Financial Services: Level 2 will enable the industry to fulfill its learnership obligations and a number of Unit Standards that focus on life skills have been included to ensure that the Qualification is fit for purpose.

    The National Certificate in Financial Services: Level 2 allows the individual to work towards a nationally recognised Qualification. It is flexible enough to be offered in formal education and as occupational-directed workplace based training for learners already employed in the financial services industry and for learners in learnership programmes. It aims to develop informed and multi-skilled workers who are employable in the financial services and other industries. Skills, knowledge, values and attitudes reflected in the Qualification are building blocks that are developed further at NQF level 3 and 4 in other registered industry Qualifications. The intention is:
  • To provide a general introduction to the Financial Services industry and a means for entry level employees in the industry to move up the value chain.
  • To provide a Qualification that meets the requirements of the Financial Services Board for registration in Category A.
  • To form the basis for learnerships in the financial services sector particularly in response to the undertakings in the Financial Services Charter.

    Qualifying learners should be knowledgeable about and competent in:
  • The structure of the financial services industry in general and a specific sub-sector in particular, the nature of the financial services market, the policies and procedures of a specific organisation and the potential impact of current events on the sector.
  • The implications and consequences of non-compliance with FAIS, FICA and other relevant legislation.
  • Behaviour and ethics in a work environment.
  • Applying processes and procedures in the financial services industry including planning and coordinating own outputs.
  • Understanding the effect of HIV/AIDS on the immune system and the financial services sector.
  • The basics of customer service and administration in a financial services environment.
  • Working as a member of a team.
  • Managing aspects of personal finances. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 1.

    Recognition of prior learning
  • The National Certificate in Financial Services: Level 2 allows open access. Provision has been made for prior learning to be recognised if a learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in this Qualification. Application for Recognition of Prior Learning (RPL) should be made to a relevant accredited ETQA.
  • Credit towards a Unit Standards is subject to quality assurance by a relevant accredited ETQA and is conducted by a workplace assessor.
  • This Qualification can be obtained in part or in whole through Recognition of Prior Learning
  • RPL will be done using a range of assessment tools and techniques that have been jointly decided upon by the learner and the assessor.
  • The same principles that apply to assessment of the Qualification and its associated Unit Standards apply to RPL 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    The Certificate is made up of a planned combination of learning outcomes that have a defined purpose and will provide qualifying learners with applied competence and a basis for further training. It is a building block for The National Certificate in Financial Services Level 3.

    The Qualification is made up of Unit Standards that are classified as Fundamental, Core and Elective. A minimum of 120 credits is required to complete the Qualification.

    Motivation for the number of credits assigned to the Fundamental, Core and Elective Components

    Fundamental Component

    There are twenty credits allocated to Communication and 16 credits to Mathematical Literacy at the level of the Qualification, in compliance with SAQA requirements. For the purpose of this Qualification 11 credits are also required for Financial Literacy at level 2. Although this is not a SAQA requirement, the industry believes that if learners are to function in a field that manages people's money, they should be able to manage their own money. At this level decisions are based on management of own finances including responsibility for dependents.

    This means that Unit Standards to the value of 47 credits have been included in the Fundamental component. They will add value to learners both socially and economically in terms of
  • Their ability to manage their own finances.
  • Their ability to operate as literate and numerate workers in a global economy.
  • An awareness of the need to avoid the debt spiral that undermines the economy of South Africa.

    All the Mathematical Literacy, Communication and Financial Literacy Unit Standards at Level 2 designated as Fundamental are compulsory.

    Core Component

    Sixty-four credits have been allocated to Unit Standards designated as Core for the purpose of this Qualification. The Unit Standards classified as Core provide the basic knowledge and skills that all workers need to know about the Financial Services industry. They provide an opportunity for learners to achieve knowledge and skills relating to ethics, customer service and professional behaviour in a business environment. They provide an opportunity to develop knowledge of the industry through research and the application of study skills and ensure that the Qualification has a strong Financial Services focus.

    HIV/AIDS is a National concern and many Life Policies require mandatory HIV testing. The Life Offices Association (LOA) has a protocol dealing with issues around HIV/AIDS and intermediaries in Category A are required to provide information on HIV/AIDS, mandatory test procedures and pre and post test counseling. A Unit Standard on HIV/AIDS and the effect of the pandemic on the individual and the industry has therefore been included in this Qualification.

    A Unit Standard on health and safety in an office workplace has been included in the Qualification to comply with the training requirements for employees prescribed by the Occupational Health and Safety Act (OHSA). The Unit Standard on FAIS focuses on inadvertently giving financial advice and the Unit Standard on money laundering highlights the responsibility of all individuals under the Financial Intelligence Centre Act (FICA). FAIS and FICA have major implications for financial services organisations and all learners in the industry should be aware of the consequences of non-compliance.

    As the National Certificate in Financial Services: Level 2 is envisaged as the entry Qualification to the industry, life skills that act as an induction into the world of work have been included in the Core Component.

    Elective Component

    Learners are required to select Electives that add up to at least nine credits. The Electives have been grouped under the headings:
  • Computer literacy
  • Administration and call centres.
  • Financial Services related personal development
  • Giving financial information and Intermediaries: Category A.
  • Life skills
  • Additional Financial Literacy at Level 3

    Unit Standards may be selected from the allocated list of Electives. The grouping of the Electives does not imply that learners should select Electives from only one specific category. Electives selected may relate directly to the learner's work role in an organisation or as life skills to enhance employability.
  • There are seven computer literacy Unit Standards that may be included as Electives in this Qualification. Most learners in the industry are required to have basic computer skills and computer literacy is a marketable skill in seeking employment outside of the financial services sector.
  • Unit Standards in Financial Literacy at level 3 may also be included as Electives in this Qualification. Knowledge of own finances is essential and learners who do not proceed to the National Certificate in Financial Services: Level 3 would benefit from the additional financial literacy standards.
  • Unit Standards at Level 1 for Members of Retirement Funds and Members of Medical Schemes as well as Unit Standards at Level 3 for Trustees of Retirement Funds and Medical Schemes have been included as learners may be involved in electing trustees or could be elected to such positions and need to know what these positions entail. Member and Trustee training has been identified as a necessity by the Department of Finance and the Financial Services Board.
  • Unit Standards from life skills that serve as a means of personal empowerment for learners in a democratic South Africa have also been included as Electives. These are intended particularly for learners in learnerships who may not find permanent employment within the financial services industry.
  • This Qualification makes provision for Communication in a South African language, other than the language of business, or the language in which the learning is provided as Elective learning at level 1 or above. It is assumed that the language of business is probably English. The other official languages are Sepedi (North Sotho), Sesotho, Setswana, siSwati, Tshivenda, Xitsonga, Afrikaans, isiNdebele, isiXhosa, IsiZulu and sign language. The selection of an additional official language should be based on the language(s) of the people who are the target market of the industry in a selected area, provided that the language has not been offered under fundamental.

    This reflects the multi-lingual nature of South African society. Ability to communicate in more than one South African language is an advantage in many roles within the sector. The inclusion of an additional official South African language in insurance Qualifications will lead to better customer service in a growing market sector.

    The Elective Unit Standards for a second South African language have not been listed in the Qualification. However learners may choose any of the registered Communication Unit Standards from levels 1 to 4 that suit their needs. 
    		•

    EXIT LEVEL OUTCOMES 
    The National Certificate in Financial Services: Level 2 is intended for personnel already employed in the industry and other learners who intend to follow a career in the financial services sector or a business environment. The focus is on basic operational knowledge, an understanding of the financial services environment and an ability to follow clearly defined industry processes and procedures. Learners are required to apply literacy and numeracy skills to a range of different but familiar financial services contexts and to use their knowledge to select and apply known solutions to well-defined routine problems. They are expected to have a basic ability to collect, organise and report information clearly and accurately and to express an opinion on given information clearly in spoken and written form.

    Learners should have the capacity to work and learn in a disciplined manner in a well-structured and supervised environment. They should be able to manage their time effectively and have the ability to develop sound working relationships and to work effectively as part of a group

    The Exit Level Outcomes and their Associated Assessment Criteria are the following, which means that the learner will be capable of:

    1. Carrying out simple research tasks and applying literacy and numeracy skills within the structure of a financial services organisation and the context of the financial services sector.
    2. Managing personal finances.
    3. Performing administrative functions and providing customer service by selecting and applying known solutions to well-defined routine problems within own level of authority as a member of a business unit.
    4. Explaining the implications and consequences of non-compliance with FAIS and FICA legislation.
    5. Explaining compulsory, statutory insurance and the role of the individual in contributing to the health and safety of a financial services workplace.
    6. Applying basic business ethics in a work environment.
    7. Applying knowledge of self to inform personal goals.

    Exit Level Outcomes for the Critical Cross-Field Outcomes

    The learner can demonstrate ability to:
  • Identify and solve problems related to his/her own life situation in which responses show that responsible decisions using critical and creative thinking have been made.
  • Work effectively with others as a member of a team, group or organisation within a financial services environment.
  • Organise and manage oneself and one's activities responsibly and effectively in that it is expected that the learner will be responsible for his/her own learning and for organising his/her own work and allocated tasks in a financial services environment. The learner is required to complete research assignments and work related tasks on time and within the timeframes of a business unit's services agreements and/or legislated timeframes.
  • Collect, organise and critically evaluate information. These competencies are built into the assessment criteria in many of the Unit Standards and the learner is required to do research projects and compare information from the main section of a daily or weekly newspaper.
  • Communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations. These competencies are an integral part of all the Unit Standards and are built into the assessment criteria.
  • Use science and technology effectively and critically showing responsibility towards the environment and the health of others in cases where computer literacy Unit Standards are included as Electives. The financial services industry is highly computerised and it can be assumed that most learners in the industry will be required to use technology as part of their work processes.
  • Demonstrate an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation in that references are made wherever applicable to the learner's part in the big picture and how his/her actions have implications up and down the line in an organisation and the implications and consequences of non-compliance in the highly regulated financial services environment. The learner is required to identify current events that could impact on the financial services industry.

    In addition this Qualification contributes to the full personal development of each learner and the social and economic development of society at large, by making it the underlying intention of any programme of learning to make the individual aware of the importance of:
  • Reflecting on and exploring a variety of strategies to learn more effectively in order to become an informed worker in the financial services industry.
  • Participating as a responsible citizen in the life of local, national and global communities by accepting own responsibility for creating a caring environment for other workers with HIV/AIDS and identifying own role in contributing to the health and safety of a workplace.
  • Being culturally and aesthetically sensitive across a range of social contexts in dealing with diverse people in the workplace including internal and external customers and people who are surveyed or interviewed. The inclusion of an additional official South African language further supports this outcome.
  • Exploring education and career opportunities in investigating the structure of a financial services organisation and the different work roles in a business unit. 
    		•

    ASSOCIATED ASSESSMENT CRITERIA 
    1.
  • Current events and developments in the financial services industry are discussed with reference to the potential impact on the financial services sector.
  • The financial services industry is explained with reference to its clients, market and services and its role in wealth creation and wealth management.
  • The core business and support functions are identified in a selected financial services organisation and an indication is given of the contribution of a selected business unit to the effectiveness of the organisation and the affect of FAIS on the specific business unit.
  • Information is gathered, analysed and presented according to the requirements of a specific work role.

    2.
  • The basic financial elements of an employment contract are explained with reference to standard deductions and the reciprocal relationship between employer and employee.
  • Knowledge of the cost of credit is applied to make a personal financial decision.
  • A budget for an individual is compiled that illustrates sound management of personal finances and provision for unexpected occurrences.
  • A decision is made and substantiated for own banking.

    3.
  • Work output is in line with an agreed mandate, relevant service agreements and an organisation's customer service standards applicable to a clearly defined work role within a financial services environment.
  • Methods, procedures and techniques of a clearly defined work role are applied consistently in terms of specific company policy, legislative requirements and standard industry practices.
  • Information is gathered, analysed and recorded according to the requirements of a specific work role and with due regard for compliance.
  • Own professional behaviour is assessed against an organisation's code of conduct and own performance agreement.
  • Reasons for keeping records in a financial services environment are explained and information is stored and retrieved in line with a business unit's service agreements and with due regard for security and confidentiality.
  • Tasks are scheduled and prioritised to meet deadlines using appropriate management tools.

    4.
  • Legislation that impacts on a team or business unit is explained for a specific business unit in a financial services environment.
  • The consequences of non-compliance are clearly indicated for practices required in a specific work role in a financial services environment.

    5.
  • The consequences of non-compliance are clearly indicated for practices required in a specific work role in a financial services environment.
  • The Unemployment Insurance Fund, Road Accident Fund and Workers' Compensation are explained with reference to cover and the process to be followed in claiming benefits from each of the funds.
  • Ways in which the individual can contribute to the creation of a safe and caring work environment are identified for a specific organisation.

    6.
  • Knowledge of basic business ethics is applied to deal with authentic situations in a business unit.
  • Customer needs are dealt with professionally and ethically and in accordance with service level agreements.

    7.
  • Knowledge of self is applied to establish key performance areas and key performance indicators and to determine personal training needs.


    Integrated assessment

    Assessment practices must be fair, transparent, valid and reliable and should ensure that no learner is disadvantaged. Learners who wish to be assessed against the competencies in the Qualification and/or associated Unit Standards should direct enquiries to the relevant ETQA.

    The focus of assessment must be on the assessment of the learning outcomes rather than learning outputs. The Specific Outcomes guide the learning and training process towards the outcomes on a continuous basis. The purpose is to determine whether the outcomes have been attained. Situations should present a wide range of options. Applications should require significant choices from a wide range of procedures and in a number of contexts.

    Learning, teaching and assessment are inextricably linked. Where appropriate, assessment of knowledge, skills, attitudes and values indicated in the various Unit Standards should be integrated. Assessment in communication, mathematical literacy and financial literacy should use authentic workplace contexts wherever practical.

    Assessment has a formative monitoring function. Formative assessment should be used to assess gaps in the learners' skill and knowledge and to indicate where there is a need for expanded opportunities. The goal is to promote learning and to assess the efficacy of the teaching and learning process. Feedback from assessment informs teaching and learning and allows for the critique of outcomes, methodology and materials. Formative assessment is diagnostic and as such it should guide the learner and the trainer. It is continuous and is used to plan appropriate learning experiences to meet the learner's needs. It provides information about problems experienced at different stages in the learning process. As it is criterion referenced, if the learner has met the assessment criteria, he/she has achieved the outcomes.

    Assessment should also have a summative component. Summative assessment may be used on completion of a Unit Standard, but should not be the only form of assessment.

    A variety of methods must be used in assessment and tools and activities must be appropriate to the context in which the learner is working. Assessment should take place in an authentic context as far as is possible. Where it is not possible to assess competence in the workplace, simulations, case studies and other similar techniques should be used to provide a context appropriate to the assessment.

    Integration implies that theoretical and practical components should, where possible, be assessed together. Integrative techniques should be used to assess applied competence. Learners should be required to demonstrate that they can perform the outcomes with understanding and insight.

    Assessment should ensure that all Specific Outcomes, embedded knowledge and Critical Cross-Field Outcomes are evaluated. Assessment of the Critical Cross-Field Outcomes should be integrated with the assessment of the Specific Outcomes. The Critical Cross-Field Outcomes are implicit in some Unit Standards and programmes should be designed to extend and further reflect the integration.

    Before The National Certificate in Financial Services: Level 2 is awarded, learners are required to demonstrate competence in the required Unit Standards and complete a summative assessment based on the exit outcomes of the Qualification. 
    		•

    INTERNATIONAL COMPARABILITY 
    South Africa has a world class and highly sophisticated financial services sector. Issues of development, access and sustainability are challenges for the sector that are not as evident in developed economies. In selecting countries for international comparison it is important to consider countries where the economic context in which the Qualification is to be used is similar to the South African context. Ideally, South African financial services Qualifications should be compared to Qualifications from a country with a developed economy and a second developing country with an emerging economy in order to include contexts that have similarities to the South African situation. The UK and Malaysia would have been appropriate choices. There are strong links between South African financial services institutions and the UK and in many cases the only Qualifications available to the financial services sector in the past were informed by or recognised by institutions in the UK. Malaysia has a strong financial services sector and would be useful as a comparison of an emerging player in the world economic environment.

    In an attempt to do a comparison with a country with an emerging economy, the following international accrediting bodies were investigated using the internet:
  • Malaysian Accrediting Body: Lenbaga Akreditasi Negara: http://www:/lan.gov.my/english/index2eng.htm (English version)
  • Mexican Accrediting Body: COPAES: http://www.copaes.org.mx
  • National Assessment and Accreditation Council (India): http://www.naac-india.com/

    Regrettably, the South African Qualification could not be compared to a Qualification in a country with an emerging economy because the web sites of the countries considered are either not presented in English or their accreditation systems are based on internal quality management systems and audits and not on alignment with national standards:
  • The bodies providing accreditation of universities and higher education courses in Malaysia (Lenbaga Akreditasi Negara) and India (The National Assessment and Accreditation Council) do not appear to use Unit Standards for accreditation. They have internal moderating systems to ensure quality. Both Lenbaga Akreditasi Negara (Malaysia) and The National Assessment and Accreditation Council (India) were contacted via the web site contact sites to ask for co-operation in comparing standards, but neither has responded to the request.
  • COPAES is the only body validated by the Mexican Department of Education to award official accreditation in Mexico and recognise organisations offering academic education at higher education level. The site is written in Spanish/Mexican and no Unit Standards were found for comparison.

    Study teams for Inseta visited the UK, Ireland and Australia in 2002 and 2003. People from the insurance and investment industry who they met in all three countries were most impressed by the work done by SAQA and the Unit Standards and Qualifications developed for the insurance and investment sector. In all three countries, people consulted indicated that they had nothing to compare with the South African Qualifications and that they would like to benchmark their Qualifications against the South African Qualifications in about three year's time.

    The National Certificate in Financial Services: Level 2 was compared to two international Qualifications in order to identify whether they achieve the same outcomes. The Qualifications are registered on
  • United Kingdom's National Vocational Qualifications (NVQ)
  • The Australian Qualification Framework (AQF).

    The following Internet sites were consulted
  • Qualification and Curriculum Authority (UK) http://www.qca.org.uk
  • Financial Services Skills Council (UK): http://www.fsnto.org.uk
  • Qualifications Awarding Body (UK) http://www.edexcel.org.uk
  • Australian Qualifications Authority: http://www.aqf.edu.au
  • National Training Information Service (Australia) http://www.ntis.gov.au

    United Kingdom

    The Qualification and Curriculum Authority (QCA) in the United Kingdom is responsible for standards in education and training. Their site covers the schools curriculum, accreditation and monitoring of Qualifications in schools, colleges and work, plus research and statistics. It provides a list of Qualifications and the awarding bodies but unlike the SAQA site does not provide access to the full Unit Standards. The FS NTO appears to be the UK equivalent of South Africa's Insurance Sector Training and Education Authority. While the standards are not posted on their site, they have published an apprenticeship (learnership) framework, which details the learning pathways of the Qualifications and National Occupational Standard titles for the apprenticeship. The elements (specific outcomes) and Performance (assessment) criteria of these standards were sourced by cross referencing the National Occupational Standards against one of the UK's leading accredited provider's, EDEXEL's Qualifications.

    The National Certificate in Financial Services: Level 2 was compared against the NVQ apprenticeship at level 2 because it has similar level descriptors. Competence at level 2 (UK) involves the:

    Application of knowledge in a significant range of varied work activities, performed in a variety of contexts. Some of these activities are complex or non-routine and there is some individual responsibility or autonomy. Collaboration with others, perhaps through membership of a work group or team, may often be a requirement.

    The Qualification and Curriculum Authority (QCA) and the FS NTO were contacted electronically in an attempt to source the full version of the UK Unit Standards. Neither organisation has responded to the request and the SGB has therefore compared the title, element (specific outcomes) and in some cases the performance criteria (assessment criteria) which were sourced form the web sites of the various accredited bodies.

    Australia

    The Australian Government's National Training Information Service website provides information on the Qualifications, Qualification Structures and the Unit Standards used. The National Certificate in Financial Services: Level 2 was compared to:
  • AQF Certificate 2 in Financial Services and
  • AQF Certificate 3 in Financial Services.

    The Australian level descriptors are very similar to the South African descriptors. The two Qualifications provide bridging opportunities for entrants to Financial Services and are similar to the SA National Certificate in Financial Services: Level 2. A comparison of the exit outcomes of the South African and Australian Qualifications indicates that Certificate 2 on the AQF has similar outcomes to NQF level 2 in that competencies at Certificate 2 level enable competent learners to:
  • Demonstrate basic operational knowledge in a moderate range of areas.
  • Apply a defined range of skills.
  • Apply known solutions to a limited range of predictable problems.
  • Perform a range of tasks where choice between a limited range of options is required.
  • Assess and record information from varied sources
  • Take limited responsibility for own outputs in work and learning
  • Enable an individual to demonstrate basic operational knowledge in a moderate range of areas
  • Apply a defined range of skills
  • Apply known solutions to a limited range of predictable problems
  • Perform a range of tasks where choice between a limited range of options is required
  • Assess and record information from varied sources
  • Take limited responsibility for own outputs in work and learning

    The Australian level 3 Certificate has also been included in the comparison because:
  • The Australian level 2 certificate is embedded in the level 3 certificate
  • The Australian level 2 certificate focuses predominantly on banking (retail financial services) as electives and is less appropriate for South African learners who give financial advice or who operate in an insurance environment.

    Learners acquiring the level 3 certificate are able to:
  • Demonstrate some relevant theoretical knowledge.
  • Apply a range of well-developed skills.
  • Apply known solutions to a variety of predictable problems.
  • Perform processes that require a range of well developed skills where.
  • Some discretion and judgement is required.
  • Interpret available information, using discretion and judgement.
  • Take responsibility for own outputs in work and learning.
  • Take limited responsibility for the output of others.

    The role of fundamental learning in the UK and Australian Qualification structures.

    Fundamentals are referred to as Key Skill Units on the NVQ. There is no evidence of a fundamental component in the design of the Australian certificate.

    1) Mathematical Literacy

    On the NVQ there is an equivalent to the SA mathematical literacy standards called "Application of Number Level 2". The performance criteria call for work-based evidence, but the outcomes are not contextualised for the insurance environment.

    Unit Standards in the Australian certificate (both core and electives) have mathematical literacy as embedded knowledge in some of the standards, e.g. Balance cash holdings and Process claims payments.

    2) Communication

    The key skill unit under the UK framework Communication Level 2 aligns with the outcomes of the South African standards. It is not as contextualised to business, in general and insurance in particular. The set of South African communications Unit Standards for level 2 has an option that allows for contextualisation in a business or workplace environment.

    As indicated, the Australian framework does not have a fundamental component but some of their core and elective standards have communication outcomes that correspond to the SA communications Unit Standards in the Financial Services Qualification. These include but are not limited to listening, questioning, reading and writing skills.

    3) Financial Literacy

    There is no evidence of standards with similar outcomes being included on the NVQ or AQF, although financial literacy concepts are implicit in the underpinning knowledge skills of various Unit Standards.

    Core learning

    In the UK there are three streams of learning at level 2:
  • Customer Services
  • Insurance (Life Offices)
  • Insurance General and Intermediaries.

    The core units for these learning pathways are described as mandatory units, and cross reference to the National Certificate in Financial Services: Level 2 in that they:
  • Cover similar outcomes but are sometimes classified differently, for example the SA Qualification classifies some of the communication outcomes as fundamental standards.
  • Cover knowledge of legislation relevant to financial services industry.

    On the AQF there are 5 standards that are core to certificates 2 and 3 and an additional sixth Unit Standard that is core in certificate 3.
  • The Australian Unit Standards can be compared to the proposed SA Qualification, although they are categorised differently. As with the NVQ standards there are underpinning competency outcomes relating to legislation and understanding of the insurance environment.

    While all the UK and Australian standards can be mapped to a South African equivalent, there are no equivalents for the following SA standards:
  • Keep informed about current affairs related to the financial services industry.
  • Apply basic business ethics in a work environment.
  • Explain HIV/AIDS and the effects on the insurance industry and workplace, and indicate own role in creating a caring work environment.
  • Apply knowledge of self in order to make a life decision.

    Comparison of Electives in the three Qualifications

    Computer Literacy

    The NVQ requires that key skills, including information technology be included in the NVQ's. In addition there is a compulsory core IT unit that all learners must do to obtain the level 2 Qualification. There are further optional units (depending on the learning pathway) that test competence of various computer knowledge and skills. There are equivalent NVQ standards for all the South African Standards in the National Certificate in Financial Services: Level 2.

    On the AQF there is one Unit Standard in the core for use of technology which is very broad, and covers a range of the SA outcomes. These include, but are not limited to, selecting appropriate technology, ability to operate various software packages, legislation around information and confidentiality and care of equipment.

    A learner who meets the outcomes of the South African standards will have the same competencies as learners achieving competence on either the UK or Australian standards.

    Administration and Call Centres

    On the NVQ apprenticeship there is a pathway in customer service with a number of units relating to competencies for dealing with customer service aspects in the financial services environment. For all the South African standards there is an equivalent NVQ standard. However there are various customer service outcomes that are not implicitly addressed in the SA Qualification.

    The SA Unit Standards can be correlated with those on the AQF with the exception of Receive, distribute and dispatch mail in a financial services environment for which there is no Australian equivalent. As in the UK the Australians have a number of customer services related standards that cover interpersonal and communication skills, covered by the South African Unit Standards.

    The combined outcomes of the UK and Australian customer services standards (which appear to be imported from another standard setting body) that are comparable to the South African Unit Standards are:
  • Identifying customer service problems
  • Selecting the best solution to the resolve the customer service problems
  • Assisting with the solution to customer service problems
  • Implementing corrective action policy regarding customer complaints

    The following Outcomes are not evident in the Level 2 South African Unit Standards. This is because the National Certificate in Financial Services: Level 2 does not have a strong customer services focus as this is addressed in the Level 3 Qualification:
  • Building customer confidence
  • Developing the relationship between the customer and the organisation
  • Contribute to the implementation of changes in customer service
  • Assist with the evaluation of changes in customer services.

    Financial Services Related Personal Development

    There is no evidence of correlating standards on the NVQ or AQF meeting the same outcomes as those in standards grouped as financial services related personal development in the National Certificate in Financial Services: Level 2.

    Giving financial information and intermediaries (Category A
    Registration)

    The UK and Australia have licensing requirements of their own for intermediaries. The UK licensing requirements are not clear. In Australia they refer to ASIC compliance. The following SA Unit Standards can be mapped to the AQF ASIC compliance standards:
  • Communicate verbally with clients in a financial services environment.
  • Access information to respond to client enquiries in a financial services environment.

    In terms of transferring credits and Qualifications to the UK and Australia, there may be further licensing requirements for certification.

    The SA Unit Standard titles also focus on the competencies involved around the servicing, administration and distribution of the products marketed by insurance and investment companies. The NVQ and AQF have corresponding Unit Standards with titles that are written as tasks or activities in an insurance or investment environment. There are synergies in outcomes in terms of product understanding, legislation, and marketing of the products. The International standards additionally refer to the processing of the product, although South Africans view this as an organisational function which is included in the Level 3 Qualification.

    The NVQ and AQF do not refer to funeral and health care or medical aid benefits in their Qualification. There are no separate Qualifications covering these areas and it could be that the South African classification of assistance policies (funeral and medical schemes) under long term insurance is unusual. Intermediaries who market assistance policies require registration in Category A with the Financial Services Board. The AQF's Qualification includes learning pathways for learners in the banking sub-sectors.

    Life Skills

    Of the fifteen life skills Unit Standards in the National Certificate in Financial Services: Level 2, only two correlate with on standards on the NVQ. These are:
  • Investigate work opportunities in order to make a personal career/employment decision
  • Apply problem-solving techniques to make a decision or solve a problem in a real life context.

    There are no life skills standards on the AQF level 2 or level 3 Qualifications that can be used for comparison.

    Conclusion

    The proposed National Certificate in Financial Services: Level 2 can be confidently compared to the UK's Level 2 professional Qualification for modern apprenticeship in national traineeship and the Australian Certificates 2 and 3 in Financial Services.

    There are two Unit Standards on customer service skills in the South African Qualification, but in general, customer service receives less attention in the South African Qualification when compared to both international standards (i.e. specific customer service related standards and not generic interpersonal and communication skills).

    The AQF Qualification also includes a number of competencies for individuals in the banking sectors. Both the NVQ and AQF standards focus on steps in the processes in an insurance environment such as Pay a claim, and Process a new business proposal. The competency-based nature of the SA Unit Standards makes them more sustainable, as processes can become outdated.

    The South African Qualification has more combinations and pathways for learners to select from in terms of:
  • The scope and fields of the insurance and investment sub-sectors including funeral and health care
  • The inclusion of financial literacy, life skills and personal development standards.

    On the whole, the learners exiting any of the three Qualifications compared will have similar competencies at similar levels to the learner exiting with this South African Qualification. 
    		•

    ARTICULATION OPTIONS 
    This Qualification articulates vertically with:
  • The National Certificate in Insurance: Level 3
  • The National Certificate in Business Administration Services: Level 3
  • The National Certificate in Management: Level 3.

    The Fundamental Competencies gained in Communication and Mathematical Literacy in this Qualification will enable the learner to access any Qualification at NQF Level 3 in which he/she shows an interest. 
    		•

    MODERATION OPTIONS 
    This Qualification will be internally assessed and externally moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA.
  • Moderators, competent at the level of the Qualification, are registered by a relevant accredited ETQA to ensure that the standard across assessors is consistent.
  • Moderators must be registered as assessors with the relevant ETQA.
  • Moderators are required to report to a relevant accredited ETQA.
  • A relevant accredited ETQA will monitor and quality assure moderation and assessment according to guidelines in the Qualification. 
    		•

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    This Qualification 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.
  • Assessors must be registered as assessors with a relevant accredited ETQA.
  • Moderators, competent at the level of the Qualification are registered by a relevant accredited ETQA to ensure that the standard across assessors is consistent.
  • Achievement of the National Certificate in Financial Services: Level 2 must be accredited as providers with a relevant accredited ETQA.
  • Assessors should be in possession of an insurance qualification at NQF level 3 or higher. 
    		•

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

    NOTES 
    N/A 

    UNIT STANDARDS: 
      ID UNIT STANDARD TITLE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
    Core  113924  Apply basic business ethics in a work environment  Level 2  NQF Level 02  2 
    Core  11813  Apply knowledge of self in order to make a life decision  Level 2  NQF Level 02  3 
    Core  114974  Apply the basic skills of customer service  Level 2  NQF Level 02  2 
    Core  114959  Behave in a professional manner in a business environment  Level 2  NQF Level 02  4 
    Core  114957  Contribute to the health, safety and security of a financial services workplace  Level 2  NQF Level 02  2 
    Core  114961  Explain HIV/AIDS and the effects on the insurance industry and workplace, and indicate own role in creating a caring work environment  Level 2  NQF Level 02  5 
    Core  113904  Explain how money laundering legislation impacts on monetary transactions in South Africa  Level 2  NQF Level 02  2 
    Core  113918  Explain the implications of the Financial Advisors and Intermediaries Services` Act, (FAIS) for employees in financial services organisations  Level 2  NQF Level 02  2 
    Core  114954  Explain the structure of the insurance and investment sub-sector in South Africa  Level 2  NQF Level 02  5 
    Core  114973  Identify the types of records required in the financial services industry and indicate why it is necessary to create evidence  Level 2  NQF Level 02  2 
    Core  114955  Indicate the sub-sectors of the Financial Services industry and the role of insurance and investment in the industry  Level 2  NQF Level 02  5 
    Core  114953  Investigate the nature of the financial services market in South Africa  Level 2  NQF Level 02  5 
    Core  114962  Investigate the structure of a financial services workplace  Level 2  NQF Level 02  3 
    Core  114969  Keep informed about current affairs related to a business sector or industry  Level 2  NQF Level 02  10 
    Core  114971  Maintain an existing information system in a financial services environment  Level 2  NQF Level 02  2 
    Core  14342  Manage time and work processes within a business environment  Level 2  NQF Level 02  4 
    Core  114936  Participate effectively in a team or group  Level 2  NQF Level 02  2 
    Core  115772  Use time management techniques to manage time in a financial services environment  Level 2  NQF Level 02  2 
    Core  114966  Explain the types of compulsory statutory insurance in South Africa  Level 3  NQF Level 03  2 
    Fundamental  8963  Access and use information from texts  Level 2  NQF Level 02  5 
    Fundamental  9009  Apply basic knowledge of statistics and probability to influence the use of data and procedures in order to investigate life related problems  Level 2  NQF Level 02  3 
    Fundamental  7480  Demonstrate understanding of rational and irrational numbers and number systems  Level 2  NQF Level 02  3 
    Fundamental  10717  Examine the applications of the Basic Conditions of Employment Act and its effect on earnings in own contract  Level 2  NQF Level 02  2 
    Fundamental  10716  Examine the costs and benefits of using banking institutions for the managing of personal finances  Level 2  NQF Level 02  3 
    Fundamental  9008  Identify, describe, compare, classify, explore shape and motion in 2-and 3-dimensional shapes in different contexts  Level 2  NQF Level 02  3 
    Fundamental  10715  Investigate credit in own circumstances  Level 2  NQF Level 02  3 
    Fundamental  8962  Maintain and adapt oral communication  Level 2  NQF Level 02  5 
    Fundamental  10718  Use a personal budget to manage own money  Level 2  NQF Level 02  3 
    Fundamental  8967  Use language and communication in occupational learning programmes  Level 2  NQF Level 02  5 
    Fundamental  7469  Use mathematics to investigate and monitor the financial aspects of personal and community life  Level 2  NQF Level 02  2 
    Fundamental  9007  Work with a range of patterns and functions and solve problems  Level 2  NQF Level 02  5 
    Fundamental  8964  Write for a defined context  Level 2  NQF Level 02  5 
    Elective  123418  Demonstrate knowledge and understanding of the individual's basic rights and responsibilities under a medical scheme  Level 1  NQF Level 01  1 
    Elective  123416  Demonstrate knowledge and understanding of the individual's basic rights and responsibilities under a retirement fund  Level 1  NQF Level 01  1 
    Elective  12546  Demonstrate knowledge and understanding of the individual`s basic rights and responsibilities under a group retirement fund  Level 1  NQF Level 01  1 
    Elective  12549  Demonstrate knowledge and understanding of the individual`s basic rights and responsibilities under a medical scheme  Level 1  NQF Level 01  1 
    Elective  114950  Apply ways of leading in different situations  Level 2  NQF Level 02  3 
    Elective  114981  Capture numerical and text information on an electronic database  Level 2  NQF Level 02  2 
    Elective  11816  Demonstrate knowledge and understanding of the rights and responsibilities of the individual under the South African Constitution  Level 2  NQF Level 02  2 
    Elective  11817  Demonstrate knowledge and understanding of the structures that reinforce and support human rights in South Africa  Level 2  NQF Level 02  3 
    Elective  119916  Explain the application of the Basic Conditions of Employment Act and its effect on earnings in own contract  Level 2  NQF Level 02  2 
    Elective  114939  Identify causes of stress in own life and indicate techniques to manage it  Level 2  NQF Level 02  2 
    Elective  114949  Identify oneself in a situation of abuse and develop coping mechanisms  Level 2  NQF Level 02  2 
    Elective  114940  Identify risks associated with substance abuse and dependency in own life  Level 2  NQF Level 02  2 
    Elective  244567  Identify the risks associated with disability in own life  Level 2  NQF Level 02  2 
    Elective  114933  Identify the risks associated with disability in own life  Level 2  NQF Level 02  2 
    Elective  114945  Identify ways of managing relationships in own life  Level 2  NQF Level 02  2 
    Elective  114944  Identify ways to manage anxiety and depression in own life situation  Level 2  NQF Level 02  2 
    Elective  11818  Investigate work opportunities in order to make a personal career/employment decision  Level 2  NQF Level 02  2 
    Elective  114958  Market an assistance policy  Level 2  NQF Level 02  3 
    Elective  114976  Operate and take care of equipment in an office environment  Level 2  NQF Level 02  2 
    Elective  114982  Receive, distribute and dispatch mail  Level 2  NQF Level 02  2 
    Elective  113929  Render basic first aid in an office workplace  Level 2  NQF Level 02  4 
    Elective  9302  Access information in order to respond to client enquiries in a financial services environment  Level 3  NQF Level 03  2 
    Elective  116966  Apply knowledge of self and own situation to manage risks resulting from change in the workplace  Level 3  NQF Level 03  3 
    Elective  114952  Apply problem-solving techniques to make a decision or solve a problem in a real life context  Level 3  NQF Level 03  2 
    Elective  9303  Communicate verbally with clients in a financial environment  Level 3  NQF Level 03  3 
    Elective  12548  Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of Retirement Funds  Level 3  NQF Level 03  4 
    Elective  12550  Demonstrate knowledge and understanding of the role functions and responsibilities of Trustees of Medical Schemes  Level 3  NQF Level 03  4 
    Elective  12547  Demonstrate knowledge and understanding of the role, functions and duties of trustees of Retirement Funds  Level 3  NQF Level 03  4 
    Elective  8990  Describe collective investment schemes  Level 3  NQF Level 03  2 
    Elective  114956  Describe funeral insurance  Level 3  NQF Level 03  2 
    Elective  114935  Describe how to manage risks and reactions associated with abuse in the workplace  Level 3  NQF Level 03  3 
    Elective  114983  Describe life insurance  Level 3  NQF Level 03  3 
    Elective  114964  Describe short term insurance  Level 3  NQF Level 03  3 
    Elective  114947  Design ways in which individuals in a community can contribute towards creating a caring environment for people who are vulnerable  Level 3  NQF Level 03  3 
    Elective  114937  Explain and apply ways of contributing towards community development  Level 3  NQF Level 03  5 
    Elective  114972  Explain healthcare benefits administration in South Africa  Level 3  NQF Level 03  2 
    Elective  114932  Explain how to manage diversity in the workplace  Level 3  NQF Level 03  2 
    Elective  113907  Explain the impact of personal wellness on work performance  Level 3  NQF Level 03  2 
    Elective  10713  Identify possible ways of improving employment prospects  Level 3  NQF Level 03  3 
    Elective  114985  Indicate how different needs lead to the development of different Financial Service products  Level 3  NQF Level 03  4 
    Elective  114960  Investigate the need to provide financially for own retirement  Level 3  NQF Level 03  3 
    Elective  114984  Manage electronic mail in a business environment  Level 3  NQF Level 03  2 
    Elective  10712  Manage personal expenditure  Level 3  NQF Level 03  3 
    Elective  114970  Manage risk in own life  Level 3  NQF Level 03  3 
    Elective  114979  Operate a computer workstation in a business environment  Level 3  NQF Level 03  2 
    Elective  10714  Research costs associated with marriage, birth, divorce and death in own circumstances  Level 3  NQF Level 03  4 
    Elective  114980  Use a presentation package to produce business documents  Level 3  NQF Level 03  3 
    Elective  114977  Use a spreadsheet package to produce and manage business documents  Level 3  NQF Level 03  3 
    Elective  114975  Use a web browser in a business environment  Level 3  NQF Level 03  3 
    Elective  114978  Use a word processing package to produce business documents  Level 3  NQF Level 03  3 


    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    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.