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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 QUALIFICATION THAT HAS PASSED THE END DATE: |
| National Certificate: Wealth Management |
| SAQA QUAL ID | QUALIFICATION TITLE | |||
| 66611 | National Certificate: Wealth Management | |||
| ORIGINATOR | ||||
| SGB Insurance and Investment | ||||
| PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY | NQF SUB-FRAMEWORK | |||
| The individual Primary or Delegated Quality Assurance Functionary for each Learning Programme recorded against this qualification is shown in the table at the end of this report. | 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 5 | NQF Level 05 | Regular-Unit Stds Based |
| REGISTRATION STATUS | SAQA DECISION NUMBER | REGISTRATION START DATE | REGISTRATION END DATE | |
|
Passed the End Date - Status was "Reregistered" |
SAQA 9999/99 | 2018-07-01 | 2023-06-30 | |
| LAST DATE FOR ENROLMENT | LAST DATE FOR ACHIEVEMENT | |||
| 2026-06-30 | 2029-06-30 | |||
| 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 is replaced by: |
| Qual ID | Qualification Title | Pre-2009 NQF Level | NQF Level | Min Credits | Replacement Status |
| 105026 | Occupational Certificate: Financial Advisor | Not Applicable | NQF Level 06 | 515 | Complete |
| PURPOSE AND RATIONALE OF THE QUALIFICATION |
| Purpose:
The purpose of the National Certificate: Wealth Management Level 5 is to build the knowledge and skills required by employees in Wealth Management who have achieved a Qualification equivalent to NQF Level 4, preferably in a Financial Services related field, and are ready to study at Level 5. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate ethically and responsibly in the highly regulated Financial Services environment and to respond to the challenges posed by the changing nature of the Financial Services Industry. It should add value to the qualifying learner in terms of enrichment of the person, status, licensing and recognition. As a Qualification in Wealth Management, it provides a framework for learners to develop competencies related to the Long Term Insurance Sub-Sector, which includes Life Benefits, Retirement Funds and Medical Scheme Administration, as well as the Collective Investment Sub-Sector, Wealth Creation and Wealth Management. It provides a balanced learning experience and an opportunity for learners to apply academic skills in relation to the workplace. The Qualification is structured in such a way that it exposes learners to generic competencies required in the Financial Services Sector at Level 5 and allows for specialisation to meet the needs of different work roles. The National Certificate: Wealth Management: Level 5 is a building block for learners who wish to follow a career path in Financial Services within Long-Term Insurance and Investment. The skills, knowledge, values and attitudes reflected in the Qualification are building blocks that can be developed further at Level 6. Rationale: The National Certificate: Financial Services: Wealth Management: NQF Level 5 was registered in July 2003. The qualification has been reviewed and expanded to meet the needs of learners in a variety of positions in the Financial Services industry. The National Certificate: Wealth Management: Level 5 replaces the National Certificate: Financial Services: Wealth Management: NQF Level 5. It is a holistic qualification which combines Long Term Insurance, Collective Investments, Retirement Funds, Medical Scheme Administration, Short Term Insurance and other aspects of Wealth Creation and Wealth Management. The Qualification has relevance for learners in Retirement Funds and Medical Schemes, Intermediaries including, but not limited to, Financial Advisors, Personal Financial Planners, Financial Services Call Centre Agents, Client Service Providers, Brokers, Broker Consultants, Retirement Fund Consultants, Retirement Fund Administrators, Trust Fund Officers, Product Developers, Consultants who advise on product structure of Retirement Funds, Principal Officers, Trustees, Medical Scheme Consultants, Senior Administrators, Retail Mangers who support Advisors and have a back office function, Collective Investment Scheme Managers, Account Executives and Compliance Officers. The learning pathway for learners in Insurance and Investment NQF Level 8 NQF Level 7 NQF Level 6 NQF Level 5 NQF Level 4 NQF Level 3: Generic Industry Qualifications: > National Certificate: Insurance (2001). > National Certificate: Collective Investments: Level 4 for administrators in Collective Investment Scheme Managers. > National Certificate: Financial Services Management: Level 3. NQF Level 2: Generic Industry Qualifications: > National Certificate: Insurance Administration (2000). The National Certificate: Wealth Management: NQF Level 5 is intended for: |
| LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING |
| Learners should be competent in Communication and Mathematical Literacy at NQF Level 4.
Recognition of Prior Learning: Access to the qualification: Learners should have at least a Level 4 Qualification. It is preferable that learners should first complete one of the Long-Term Insurance or Wealth Management Qualifications at NQF Level 4 before accessing this Qualification. |
| RECOGNISE PREVIOUS LEARNING? |
| Y |
| QUALIFICATION RULES |
| Level, credits and learning components assigned to the qualification:
A minimum of 120 credits are required to complete the Qualification which is made up of the following components: Total: 120 credits Motivation for the number of credits assigned to the Fundamental, Core and Elective Components: There are thirty nine credits at Level 5 allocated as fundamental. These include communication and research skills, economics and industry knowledge that are generic across all sub-sectors of the financial services sector in general and insurance and investment in particular. All the Unit Standards designated as Fundamental are compulsory. Forty credits have been allocated to Unit Standards designated as Core for the purpose of this Qualification. These Unit Standards provide the financial services related and insurance and investment knowledge and skills needed in Wealth Management and Wealth Creation including issues of ethics and compliance. They provide an opportunity to develop industry knowledge through research and the application of study skills and ensure that the Qualification has a definite Wealth Management focus. All the Unit Standards indicated as Core are compulsory. Electives that add up to at least forty-one credits should be selected from the allocated list of Electives. The Electives provide opportunities for the holistic development of the learner and multi-skilling. There is a wide range of Unit Standards that may be selected as Electives in this qualification. This reflects the variety and nature of the work roles in Wealth Management, provides for maximum flexibility, allows learners to achieve a qualification that is relevant to the work that they do and enables Intermediaries to meet the requirements of the Financial Services Board (FSB) for licensing and the international requirements of the ISO 22222:2005 standard. Application of knowledge of legislation has been included in the Unit Standards wherever it is relevant so that knowledge about legislation is integrated rather than taught in isolation. Three Unit Standards on Legislation at Level 4 have been included as electives because of the impact of the Financial Advisory and Intermediary Services Act (FAIS) and money laundering legislation on the Financial Services Sector. Eight Unit Standards that focus on Short Term Insurance have been included as electives for learners who offer Short Term Insurance as part of holistic wealth management/financial planning service. The National Certificate: Wealth Management: Level 5 should not be the Qualification of choice for learners who specialise on Short Term Insurance. Selection of Electives: Electives selected may relate directly to the learner's work role in an organisation or may be life or management skills to enhance employability. The National Certificate: Wealth Management: Level 5 allows for specialisation in: It is recommended that Learners who specialise in Collective Investments should include Unit Standards from the following cluster as electives: Title: Level: Credits: ID: It is recommended that Learners who specialise in Retirement Funds should include Unit Standards from the following cluster as electives: Title: Level: Credits: ID: It is recommended that Financial Planners and Intermediaries should include Unit Standards from the following cluster as electives: It is recommended that Medical Scheme Brokers should include Unit Standards from the following cluster as electives: Title: Level: Credits: ID: It is recommended that Learners who specialise in Medical Schemes Administration should include Unit Standards from the following cluster as electives: Title: Level: Credits: ID: |
| EXIT LEVEL OUTCOMES |
| Learners who engage in Wealth Management at this Level require knowledge and understanding of the key terms, concepts, facts, principles, rules, theories, and practices of the main areas of Wealth Management and an ability to select and apply standard methods, procedures, and/or techniques in the context of managing and creating wealth. They are required to use their knowledge to evaluate and solve defined, routine and new problems within a familiar context, and to apply solutions based on relevant evidence and procedures in accordance with prescribed organisational and professional ethical codes of conduct, values and practices.
They are required to gather analyse, interpret, evaluate and synthesise information from a range of sources, to select information appropriate to the task or situation and to communicate information reliably, accurately and coherently, in writing and verbally with due regard for conventions around intellectual property, copyright and plagiarism. Learners should have the capacity to take responsibility for their own learning and to promote the learning of others. They should be able to assess their own performance and that of others and have the ability to take appropriate action where necessary. They should be able to operate in a range of familiar and new contexts and should demonstrate an understanding of the interrelationships between the different legislative, socio-political, economic and physical environments and demonstrate understanding of how actions or events in one area impact on other areas within the financial services system. The Exit Level Outcomes and their Associated Assessment Criteria are the following, which means that the learner will be capable of: 1. Gathering, analysing, synthesising and evaluating information, manipulating and interpreting data and identifying trends, communicating information coherently in writing and verbally, and showing insight into current affairs in the Financial Services sector. 2. Apply knowledge of economics, investment practices, tax and other financial information to match the needs of clients to financial products. 3. Applying knowledge of legislation, ethics, and compliance in the context of the financial services sector in South Africa. Critical Cross-Field Outcomes: The learner is able to demonstrate ability to: In addition this Qualification contributes to the full personal development of each learner and the social and economic development of the society at large, by making it the underlying intention of any programme of learning to make the individual aware of the importance of: |
| ASSOCIATED ASSESSMENT CRITERIA |
| 1.
2. 3. 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 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. Assessment should take place in an authentic context as far as is possible. 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. 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: Wealth Management: Level 5 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 |
| Sites researched:
United Kingdom Australia Africa There are currently no insurance and investment/financial services Qualifications or Unit Standards available in an African Union (AU) or South African development Community (SADC) country to use for comparison. The following websites were investigated: International Standard - IS022222:2005 The International Standards Organisation (ISO) is a worldwide federation of national standards bodies (ISO member bodies). International standards are normally carried out by ISO technical committees. The committees develop a set of international standards that can be used in any type of business and are accepted internationally as evidence that a business can provide assured quality. ISO22222:2005 has been drawn up to establish a globally accepted benchmark for personal financial services. It has been ratified by: Australia, Austria, Brazil, Canada, China, Chinese Taipei, France, Germany, Hong Kong, India, Japan, Malaysia, New Zealand, Republic of Korea, Singapore, South Africa, Switzerland and United Kingdom. In addition Belgium is in the process of preparing to administer a Certified Financial Planner certification programme on behalf of the Financial Planning Standards Board. Reference: SANS22222:2006 draft obtained form the South African Bureau of Standards (SABS). Background and rationale for the choice of countries for comparison: South Africa has a highly regulated and sophisticated financial services sector. In comparing this Qualification to those of other countries it is necessary to select countries where the financial services sector is comparable to that of South Africa. It is not possible to use an African country for the comparison, but research has shown that learners from the African Continent use the Insurance Institute of South Africa or British Based institutions for accreditation through distance learning. The United Kingdom was therefore an obvious choice for the comparison. Australia has been used for comparison of previous insurance and investment Qualifications and was therefore a logical choice for consistency. The National Certificate: Wealth Management: Level 5 has also been compared to the ISO22222:2005 standard which has been adopted by 18 member countries and is therefore internationally relevant. International Standard - IS022222:2005: The ISO22222:2005 is pegged at Level 8 on the Scottish Credit and Qualifications Framework (SCQF). South Africa is the only African country that is a signatory to ISO22222:2005 for Personal Financial Planning Requirements for Personal Financial planners and the South African version of the international standard SANS22222:2006 is currently under discussion. As part of the review process for the National Certificate: Wealth Management: Level 5 subject matter experts worked through the ISO and draft SANS documentation to ensure that the all the knowledge and competencies indicated in the international standard are included as fundamental, core or in the cluster of Unit Standards recommended as electives for Financial Advisers, Financial Planners and Intermediaries. The international standard covers the six step financial planning process for personal financial planners and all aspects of the process are adequately dealt with in the National Certificate: Wealth Management: Level 5. Comparison: United Kingdom Qualifications offered by the Chartered Insurance Institute are recognised throughout the insurance industry in the United Kingdom. They underpin job-specific and at-work training. The National Certificate: Wealth Management: Level 5 was compared to the Diploma in Insurance as the level is equivalent to the NQF Level 5. The Diploma in Insurance appears to be technical and supervisory in nature and is not aimed at learners in a client advisory role. It was therefore considered more appropriate to compare the South African qualification to the Chartered Insurance Institute's Advanced Diploma in Insurance. Advanced Diploma in Insurance: Chartered Insurance Institute: United Kingdom The Advanced Diploma provides an enhanced understanding of insurance practice, both in terms of technical subject matter and overall management skills. It is a degree level course that leads to a professional qualification of 290 credits for insurance staff working across all sectors of the insurance industry. The units that make up the diploma each require a recommended minimum of 120 hours' study and require candidates to apply knowledge and skills to practical situations and to synthesise different aspects of the syllabus and apply them to given scenarios. These requirements reflect those of the National Certificate: Wealth Management: Level 5 although the breadth and depth of knowledge required for the Advanced Diploma may be greater than that required for the National Certificate: Wealth Management: Level 5. The Advanced Diploma in Insurance is a professional qualification for insurance staff working across all sectors of the industry. It provides an enhanced understanding of insurance practice, both in terms of technical subject matter and overall management skills and is a comprehensive assessment of market knowledge and understanding. It includes the full range of insurance topics, ranging from the fundamentals of insurance practice and legislation to specialist aspects such as Lloyd's market supervision, aviation, marine and the North American market. As such it reflects the holistic nature of the South African Qualification. The Advanced Diploma is modular in structure. Each unit has a credit value and the accumulation of the stipulated number of credits leads to the award of the Advanced Diploma in Insurance. Advanced Diploma candidates select study units from across the entire Chartered Insurance Institute qualifications framework, which means that they currently have access to the 46 units. The Advanced Diploma therefore offers something for everyone, whatever sector of the insurance industry they work in and whatever their particular specialisation or preferred career path. This mirrors to some extent the scope of the National Certificate: Wealth Management: Level 5. Successful completion of the Advanced Diploma entitle candidates to apply to use the universally recognised designation 'ACII®' - Associate Chartered Insurance Institute' (Chartered Insurance Institute membership and Continuing Professional Development requirements apply). The current focus on raising standards and the emphasis upon staff being 'fit' for the role they perform is important in the United Kingdom. The Advanced Diploma has been developed to assist staff and employers to comply with regulatory training and competence requirements. The Financial Services Authority (FSA) has stated that it requires employees to demonstrate that they are competent in the work they do, and thereafter to maintain this competence. This approach is designed to ensure that employees have the appropriate knowledge and skills to perform their jobs effectively. In this respect the Advanced Diploma has similarities with the National Certificate: Wealth Management: Level 5 which is intended to meet the qualification requirements of the Financial Advisory and Intermediary Services Act and the Accompanying Fit and Proper requirements of the South African Financial Services Board (FSB) for licensing purposes. In South Africa Short Term Insurance Intermediaries require a Level 4 Qualification for licensing purposes. The Short Term units in the Advanced Diploma require a greater depth of knowledge at a higher cognitive level across the range of Short Term Insurance classes of insurance than are required at Level 4 in South Africa. Elective Unit Standards in Short Term Insurance aspects are included in the National Certificate: Wealth Management: Level 5 for senior Intermediaries who do complex short term insurance business along with other aspects of wealth management. The units of study that have similarities to the South African Qualification at Level 5 are: Aspects relating to Long-Term underwriting and claims are included in the Advanced Diploma, but are not part of the National Certificate: Wealth Management: Level 5 as there are specialist South African qualifications at level 4 and 5 for Long-Term Risk Assessment. Chartered Insurance Institute Compulsory Units > A knowledge and appreciation of the nature of risk and risk management. > A knowledge and understanding of the capital adequacy requirements for insurers and reinsurers. > A knowledge and understanding of the impact of regulation on the insurance industry. > A knowledge and understanding of basic statistical concepts relating to the insurance environment and the estimation of risk. > The ability to apply knowledge and skills to practical situations. > The ability to synthesise different aspects of the syllabus and apply them to given scenarios. The generic nature of the risk management strategies overlap with the competencies included in the following unit standards included in The National Certificate: Wealth Management: Level 5: > Analyse reports and documents of a retirement fund to ensure governance and manage risk. > Evaluate the effectiveness of the administration function of a retirement fund in order to make an informed decision. > Apply technical knowledge and insight into how the legislative and regulatory environment impacts on employee benefits. > Research information in order to assist in conducting a financial risk assessment. > Apply a researched trend to individual financial risk. > Apply scenario planning to explain potential risk in a specified financial services context. > An awareness and broad knowledge of the environment in which businesses operate. > A detailed knowledge and understanding of the economic, ethical, operational and financial framework applicable to UK companies. > The ability to synthesise different aspects of the syllabus and to apply learning specifically to the insurance industry. > The application of knowledge and skills to practical situations. The competencies included in this Chartered Insurance Institute unit have various synergies with the competencies of the fundamental unit standards included in The National Certificate: Wealth Management: Level 5. Chartered Insurance Institute Electives > A thorough knowledge of the issues and processes involved in insurance broking. > A knowledge of the relevant and changing regulatory environment in which the insurance broker operates. > An understanding of the relationships with insurers and policyholders undertaken by the insurance broker. > An ability to evaluate key issues and concepts and assess their implications for brokers and the broking and wider insurance markets. > The ability to apply knowledge and skills to practical situations. > The ability to synthesise different aspects of the syllabus and apply them to given scenarios. In the National Certificate: Wealth Management: Level 5 the following Unit Standards deal with Insurance Broking including the competencies of the Chartered Insurance Institute Unit - viz. Intermediary Regulation, the intermediary market, understanding client needs, selecting insurers, client relations and analysis of needs related competencies: General comparison Chartered Insurance Institute: Advanced Diploma in Insurance > A knowledge and understanding of the scope of life assurance. > An understanding of its appropriate uses and administration. > A knowledge of the legal and regulatory influences on the conduct of this type of business. > The ability to apply knowledge and skills to practical situations. > The ability to synthesise different aspects of the syllabus and apply them to given scenarios. > A knowledge and understanding of the principles and practices of commercial property, business interruption, construction and engineering insurance. > A knowledge of the cover available. > A knowledge of the principles of claim settlement. > The ability to synthesise different aspects of the syllabus and to apply learning specifically to the insurance industry. > The application of knowledge and skills to practical situations. > A knowledge of the ways in which liability arises and of the duty of care owed. > A knowledge of the effect of a breach of that duty and the resultant damages. > An understanding of the purpose and effect of the relevant legislation. > The ability to apply knowledge and skills to practical situations. > The ability to synthesise different aspects of the syllabus and apply them to given scenarios. > A knowledge and understanding of the principles and practices of transacting private medical. > Insurance business. > A knowledge and understanding of the provision and operation of PMI within the wider healthcare sector. > The ability to apply knowledge and skills to practical situations. > The ability to synthesise different aspects of the syllabus and apply them to given scenarios. > (655) Risk management > (750) Commercial property insurance underwriting Comparison: Australia The National Training Packages are integrated sets of nationally endorsed competency standards, assessment guidelines and Qualifications registered on the Australian Qualifications Framework (AQF) for a specific industry, industry sector or enterprise. The following Training packages were selected for the purposes of this comparison: FNB50802 Diploma of Financial Services (Financial Planning) and FNB50903 Diploma of Financial Services (Superannuation). The diploma level has been selected for comparison. > Breadth, depth and complexity covering planning and initiation of alternative approaches to skills or knowledge applications across a broad range of technical and/or management requirements, evaluation and coordination. > The self directed application of knowledge and skills, with substantial depth in some areas where judgement is required in planning and selecting appropriate equipment, services and techniques for self and others. > Applications involve participation in development of strategic initiatives as well as personal responsibility and autonomy in performing complex technical operations or organising others. It may include participation in teams including teams concerned with planning and evaluation functions. Group or team coordination may be involved. > The degree of emphasis on breadth as against depth of knowledge and skills may vary between Qualifications granted at this level. > Demonstrate understanding of a broad knowledge base incorporating theoretical concepts, with substantial depth in some areas. > Analyse and plan approaches to technical problems or management requirements. > Transfer and apply theoretical concepts and/or technical or creative skills to a range of situations. > Evaluate information, using it to forecast for planning or research purposes. > Take responsibility for own outputs in relation to broad quantity and quality parameters. > Take some responsibility for the achievement of group outcomes. FNB50802 Diploma of Financial Services (Financial Planning). This is the industry recommended competency pathway for Financial Planners who provide a range of standard Financial Planning services and for individuals providing specialist Paraplanning services. The Qualification pathway is determined by elective choices. Depending on choice of electives, the Qualification meets Australian Securities and Investment Commission requirements for Authorised Representatives. To gain a Diploma of Financial Services (Financial Planning) 8 units must be achieved: > FNSICIND401A: Apply principles of professional practice to work in the financial services industry. > FNSICGEN301A: Communicate in the workplace. > FNSICGEN302A: Use technology in the workplace. > FNSICGEN304A: Apply health and safety practices in the workplace. > FNSFPLN501A: Comply with financial planning practice ethical and operational guidelines and regulations. > FNSFPLN502A: Conduct financial planning analysis and research. > FNSFPLN503A: Develop and prepare financial plan. > FNSFPLN504A: Implement financial plan. > FNSFPLN505A: Review financial plan and provide ongoing service. FNB50903 - Diploma of Financial Services (Superannuation). Learners at this level are expected to be performing a range of routine and non-routine duties in a supervisory capacity within a superannuation service. These people may work within a fund administration or an outsourced service provider and would have supervisory responsibility for their work area, department of specialisation. If ASIC Tier 1 compliance is required, suggested pathway option 4 must be selected. This Qualification is the entry point for Australian Securities and Investment Commission Tier 1 recognition. To gain a Diploma of Financial Services (Superannuation) 8 units must be achieved. Diploma Qualifications must include all core units. Elective pathways may be tailored according to the needs of the individual or organisation. The pathway options recommended below target the main industry areas of focus at this level and are intended as a recommendation only. Remaining elective units must be different from those already recommended. Recommended diploma of financial services (superannuation) pathway options: Core units (4) > FNBSUP13A: Supervise work within the superannuation industry. > FNBSUP14A: Implement quality systems within work area. > FNBSUP15A: Implement compliance systems within work area. > FNBSUP16A: Supervise complaints procedures. Elective units (4) Pathway option 1: Team Leading Pathway option 2: Field Representation Pathway option 3: Business Development Pathway option 4: Customer Service (ASIC) Pathway option 5: Specialised Services Remaining units to be selected from Diploma electives listed below or from other packages at Diploma level. Australian Securities and Investment Commission - ASIC Compliance Units. (The Australian Qualifications used for comparison may select elective units from this grouping). Organisations wishing to use the Financial Services Training Package for Australian Securities and Investment Commission (Financial Services Reform Act) are required to select units that cover the knowledge and skills requirements described by Australian Securities and Investment Commission for the appropriate educational level. > FNSASIC503ZA: Provide advice in Financial Planning. > FNSASIC503YA: Provide advice in Insurance Broking. > FNSASIC503XA: Provide advice in Life Insurance. > FNSASIC503WA: Provide advice in Securities. > FNSASIC503VA: Provide advice in Derivatives. > FNSASIC503UA: Provide advice in Superannuation. > FNSASIC503TA: Provide advice in Managed Investments. > FNSASIC503SA: Provide advice in Foreign Exchange. Australian Core Units: > FNSICIND401A: Apply principles of professional practice to work in the financial services industry. > FNBSUP14A: Implement quality systems within work area. This unit describes the functions involved in establishing and maintaining quality practices, procedures and systems within area of work responsibility. > FNBSUP15A: Implement compliance Systems within work area. This unit describes the functions involved in establishing and maintaining compliance practices, procedures and systems within area of work responsibility. > FNSFPLN501A: Comply with financial planning practice ethical and operational guidelines and regulations. The unit identifies the skills and knowledge associated with complying with ethical and operation guidelines in one's own work and where there is no responsibility to provide guidance to others on the application of regulatory ethical and organisational guideline requirements. The National Certificate: Wealth Management: Level 5 includes a Unit Standard on ethics in the core. Ethics and professionalism as well as compliance with South African legislation, and the consequences of non-compliance are integrated into Unit Standards in both the core and elective components, where appropriate. These aspects are similar to those described in the following Australian modules: In the Australian package there are four modules that focus on communication competencies: > FNSICGEN301A: Communicate in the workplace. > BSZ404A: Train Small Groups (Business Services training package). > BSBMKG407A: Make a presentation (Business Services training package). > FNBASX03A: Conduct research to support recommendations. These have synergies with four fundamental and core Unit Standards In the National Certificate: Wealth Management: Level 5 that deal with communication competencies specifically and are compulsory: > Manage the relationship between an intermediary/representative and a Long-Term insurer. > Analyse the dynamics of different interactive styles in client relationships. Australian Elective units: > FNBASX01A: Determine client requirements and expectations. > FNBASC01A: Establish client relationship and analyse needs this unit has been specifically designed to, when combined with FNBASC02A, satisfy the skills requirements of current ASIC (Australian Securities and Investment Commission) regulation (Financial Services Reform Act) at Tier 2 level. The unit specifically relates to those staff advising on Basic Deposit products, General Insurance products and non-cash payment facilities as identified by Australian Securities and Investment Commission as being at Tier 2 level. > FNBSUP19A: Provide advanced customer service for superannuation clients. > This unit covers the skills required to liaise with clients and respond to specific enquiries about membership, superannuation procedure options and products offered by the organisation. > FNBFPS05A: Conduct Financial Planning Analysis and Research. This unit describes the functions involved in undertaking financial planning analysis and research. In the National Certificate: Wealth Management: Level 5 the following Unit Standards deal with client requirements and expectations, client relations and analysis of needs related competencies: There are a number of Unit Standards in the South African Qualification that deal with retirement planning and retirement funds. Product knowledge, included in detail in the Australian superannuation standards, is dealt with at Level 4 in the South African Qualifications. The following Australian units lead to competencies similar to those in South African Qualification: The Following South African Unit Standards deal with individual differences: > Analyse the dynamics of different interactive styles in client relationships. (SA). The Australian unit does not have the breadth and depth of the SA Standard but does make allowances for assessment of competency to interact with clients with special needs. Research the influence of culture and diversity on attitudes to creating and managing wealth. (SA) includes knowledge and competencies required to deal with diverse people from different cultural backgrounds and with different attitudes and values. It creates a space to deal with Sharia, Green and Socially Responsible attitudes to wealth creation and management. General comparison: Australia The Qualifications used for comparison were the closest match to the National Certificate: Wealth Management: Level 5, but it is not possible to compare the South African Qualifications directly with the Australian Qualifications. The Australian Qualifications are Specialist Diplomas for Financial Planners and learners who specialise in superannuation or retirement funds as they are known in South Africa. The South African Qualification is a certificate, a holistic Qualification which has a generic core and scope for wide specialisation in Long Term Insurance, Collective Investments, Retirement Funds, Medical Scheme Administration, Short Term Insurance/Risk Transfer and other aspects of Wealth Creation and Wealth Management. It allows for specialisation in Retirement Funds or Financial Planning as well as Medical Schemes, Collective Investment Scheme Managers. While the scope of the South African Qualification is broad the type of Qualification implies less depth at a similar level of cognitive complexity to the Australian Qualifications. As the South African Qualification views the client holistically, it does not separate retirement planning from healthcare needs and other aspects of wealth creation and wealth management. Many of the Australian standards are tasks or steps in a process. These are implicit in the South African Unit Standards which have broader outcomes and include reference to process as assessment criteria rather than as Unit Standard titles. The Australian Securities and Investment Commission (ASIC) Elective Standards Compliance Standards, for example, include standard on analysing a clients needs, establishing client relationships and providing advice in financial planning (retirement planning, life insurance and investments). These competencies are an integral part of the National Certificate: Wealth Management: Level 5. Both the South African Qualification and the Australian modules are part of the financial planning process required by ISO22222:2005 and lead to the same competencies that are required internationally of a Personal Financial Planner. Diploma of Financial Service - financial planning (Australia) - The focus of the Australian Financial Planning Qualification is on intermediary services including financial planning, and support services. The competencies indicated in the Australian Qualification are embedded across a range of the SA Unit Standards in National Certificate: Wealth Management: Level 5 mainly because they are tasks or steps in a process. The competencies are required by the ISO:22222:2005 standard, include the six step financial planning process and are an integral part of the requirements for certification as a Personal Financial Planner. The following Unit Standards on the Australian framework do not have a good match in the L5 Wealth Management suite: Diploma of Financial Service - Superannuation (Australia) -The cognitive knowledge areas appear to correlate to the South African Qualification, but the skills differ with regarding to the ability to oversee and administrate (Australia) and the ability to implement (South Africa). Leadership and Management do not feature strongly in the South African Qualification. The following Australian Unit Standards are tasks or steps in a process and do not have exact South African counterparts at level 5. Competent learners will have the underpinning knowledge in these areas which are combined into broader statements of competence in the South African Unit Standards: In the South African National Certificate: Wealth Management: Level 5, the Unit Standards relating to Medical Schemes, Risk Transfer (Short Term Insurance) and Investments have specialised skills leading to outcomes that are not required in the two Qualifications that were compared from the Australian training packages. There is evidence that in some instances the knowledge is embedded in the Australian packages, but the specialised skills relevant to the SA standards are different. Conclusion: The nature and scope of the Advanced Diploma in Insurance: Chartered Insurance Institute: United Kingdom is more appropriate for comparison with the National Certificate; Wealth Management: Level 5 than the Australian specialist qualifications although the depth and breadth of a certificate is different from that of a diploma. Some Unit Standards that are unique to the South African Qualification arose out of visioning session with senior management in South Africa and address knowledge and competencies that it is anticipated will be required for the insurance and investment industry within the next five years and beyond. This indicates the forward looking nature of the South African Qualification and an attempt to address anticipated skills shortages in the country. No similar standards were found within the Qualifications used for the comparison (that is not to say that they do not exist across the Australian Qualifications Framework, or in the Chartered Insurance Institute qualification, but that they have not been deemed as critical competencies at Diploma (Australia)/Degree (United Kingdom) Level for financial planning or for superannuation supervisions): The South African Qualification, the Chartered Insurance Institute qualifications and the Australian modules all meet knowledge requirements of ISO22222:2005 and lead to the same competencies that are required internationally of a Personal Financial Planner. All three countries regulate the financial services sector and have legislation regarding money laundering and legislated standards for financial advisors. The qualifications in the three countries all meet the requirements of their Financial Services Regulators. |
| ARTICULATION OPTIONS |
| This Qualification articulates horizontally with:
Vertical articulation is possible with the following Qualifications: |
| 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.
|
| 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.
|
REREGISTRATION HISTORY |
| As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2012; 2015. |
| NOTES |
| This qualification replaces qualification 23973, which is "National Certificate: Financial Services: Wealth Management", Level 5, 120 credits. |
| UNIT STANDARDS: |
| ID | UNIT STANDARD TITLE | PRE-2009 NQF LEVEL | NQF LEVEL | CREDITS | |
| Core | 242601 | Apply a researched trend to individual financial risk | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Core | 242594 | Apply knowledge of the different asset classes in order to give financial advice | Level 5 | Level TBA: Pre-2009 was L5 | 4 |
| Core | 242580 | Apply scenario planning to explain potential risk in a specified financial services context | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
| Core | 242573 | Determine the needs and wants of an entity in order to propose an appropriate financial solution | Level 5 | Level TBA: Pre-2009 was L5 | 4 |
| Core | 242574 | Present a proposal to optimise the tax aspects of the wealth management of an entity | Level 5 | Level TBA: Pre-2009 was L5 | 4 |
| Core | 242554 | Research information in order to assist in conducting a financial risk assessment | Level 5 | Level TBA: Pre-2009 was L5 | 7 |
| Core | 230078 | Apply the principles of ethics to a business environment | Level 6 | Level TBA: Pre-2009 was L6 | 10 |
| Fundamental | 230071 | Apply basic economic principles to the financial services sector | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Fundamental | 120075 | Demonstrate insight into current affairs in the Financial Services sector | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
| Fundamental | 230075 | Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
| Fundamental | 119997 | Demonstrate knowledge and understanding of risk in a Financial Services environment | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Fundamental | 230077 | Describe the financial life cycle of an individual and how this influences financial decisions | Level 5 | Level TBA: Pre-2009 was L5 | 8 |
| Fundamental | 230070 | Present an informed argument on a current issue in a business sector | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 117129 | Apply the regulations for disclosure that are required as part of the financial sales process | Level 4 | NQF Level 04 | 2 |
| Elective | 242584 | Demonstrate knowledge and understanding of the Financial Advisory and Intermediary Services Act 2002 (FAIS) (Act 37 of 2002) as it impacts on a specific financial services sub-sector | Level 4 | NQF Level 04 | 2 |
| Elective | 242593 | Explain South African money laundering legislation and the implications for accountable institutions in transacting with clients | Level 4 | NQF Level 04 | 3 |
| Elective | 242614 | Adapt and verbally communicate financial information to a range of audiences | Level 5 | Level TBA: Pre-2009 was L5 | 2 |
| Elective | 242559 | Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 242617 | Analyse reports and documents of a retirement fund to ensure governance and manage risk | Level 5 | Level TBA: Pre-2009 was L5 | 2 |
| Elective | 242585 | Analyse the dynamics of different interactive styles in client relationships | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
| Elective | 242567 | Analyse the product design/structure of different medical schemes to evaluate the benefits of each scheme | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 242563 | Analyse the role of international investment in wealth management | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
| Elective | 114206 | Analyse the strategic impact of a successful wellness programme | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 242605 | Apply financial knowledge and skill to manage a Trust Fund | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
| Elective | 242569 | Apply insight into the implications of changing financial priorities and attitudes on the value proposition in a financial relationship | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
| Elective | 242590 | Apply knowledge and skill to explain the application of structured long term insurance portfolios | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
| Elective | 242599 | Apply knowledge and understanding of captives as a method of alternative risk transfer | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 242603 | Apply knowledge of estate planning to propose a financial solution for a specific client | Level 5 | Level TBA: Pre-2009 was L5 | 8 |
| Elective | 242586 | Apply technical knowledge and insight into how the legislative and regulatory environment impacts on retirement fund benefits for employees | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
| Elective | 242576 | Apply technical knowledge and insight into property as an investment | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
| Elective | 242607 | Apply technical knowledge and insight into the management of collective investment portfolios | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
| Elective | 242560 | Apply technical knowledge and insight into the sales and marketing of participatory interest in collective investment scheme portfolios | Level 5 | Level TBA: Pre-2009 was L5 | 4 |
| Elective | 119998 | Apply technical knowledge and insight to manage the risks inherent in a group scheme | Level 5 | Level TBA: Pre-2009 was L5 | 8 |
| Elective | 242613 | Apply technical knowledge and skill to advise an individual on planning for retirement | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 242612 | Apply technical knowledge and skill to explain how collective investment scheme portfolios are classified | Level 5 | Level TBA: Pre-2009 was L5 | 2 |
| Elective | 242608 | Apply technical knowledge to explain business risk and possible strategies to finance risk | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
| Elective | 242602 | Apply the risk management process to investigate alternatives for risk transfer | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 242575 | Conduct an in depth investigation into the current healthcare sector in South Africa using published data | Level 5 | Level TBA: Pre-2009 was L5 | 8 |
| Elective | 242609 | Demonstrate knowledge and understanding of the establishment and ongoing maintenance of a domestic collective investment portfolio | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
| Elective | 242615 | Demonstrate knowledge and understanding of the financial consequences of a large claim to a client | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
| Elective | 242562 | Demonstrate knowledge and understanding of the fundamental principles of risk finance in order to propose an insurance solution | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 242598 | Demonstrate knowledge and understanding of the responsibilities of directors in terms of corporate governance | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
| Elective | 242583 | Design a funding model to make provision for financial consequences of losses in an entity | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
| Elective | 242611 | Develop a set of rules that meets the needs of a retirement fund client and are compliant | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
| Elective | 242596 | Evaluate the effectiveness of the administration function of a retirement fund in order to make an informed decision | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 242588 | Examine the assets and liabilities from an organisation's financial statements in order to identify risk financing opportunities | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
| Elective | 242618 | Explain the basic principles of enterprise wide risk management | Level 5 | Level TBA: Pre-2009 was L5 | 12 |
| Elective | 242570 | Investigate industry initiatives to quality control medical providers | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
| Elective | 242565 | Manage costs in a specific case with due regard for quality | Level 5 | Level TBA: Pre-2009 was L5 | 2 |
| Elective | 242558 | Manage the relationship between an intermediary and a Long-Term insurer | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
| Elective | 242616 | Objectively evaluate the criteria that materially affect the performance of a medical scheme and its administration | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
| Elective | 242581 | Research the incidence, quantity and severity of an occurrence in order to uncover a trend and anticipate a financial risk | Level 5 | Level TBA: Pre-2009 was L5 | 7 |
| Elective | 242566 | Research the influence of culture and diversity on attitudes to creating and managing wealth | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
| Elective | 242578 | Advise Retirement Fund Trustees and Corporates on the structure of a Fund's investments | Level 6 | Level TBA: Pre-2009 was L6 | 6 |
| Elective | 242579 | Analyse the implications of current and/or proposed reform for the Retirement Fund/Medical Scheme sub-sector in order to formulate a possible response | Level 6 | Level TBA: Pre-2009 was L6 | 3 |
| Elective | 242582 | Analyse the implications of the South African Government's National Health Policy and the potential impact on medical schemes | Level 6 | Level TBA: Pre-2009 was L6 | 10 |
| Elective | 242568 | Apply knowledge and insight of the medical scheme environment to evaluate risk in a selected medical scheme | Level 6 | Level TBA: Pre-2009 was L6 | 4 |
| Elective | 242595 | Apply knowledge and insight of the role of alternative investments in wealth management | Level 6 | Level TBA: Pre-2009 was L6 | 8 |
| Elective | 242619 | Apply knowledge and insight to advise on the composition of a financial portfolio | Level 6 | Level TBA: Pre-2009 was L6 | 6 |
| Elective | 242564 | Apply knowledge and insight to structure and implement a retirement fund for an organisation | Level 6 | Level TBA: Pre-2009 was L6 | 8 |
| Elective | 242589 | Apply knowledge of business insurance to propose a Long-Term financial solution for a business entity | Level 6 | Level TBA: Pre-2009 was L6 | 10 |
| Elective | 242592 | Apply knowledge of estate planning to propose a financial solution for a high net worth client | Level 6 | Level TBA: Pre-2009 was L6 | 8 |
| Elective | 242571 | Apply knowledge of health economics to make an informed decision | Level 6 | Level TBA: Pre-2009 was L6 | 3 |
| Elective | 242577 | Apply knowledge of investment to hedge funds | Level 6 | Level TBA: Pre-2009 was L6 | 3 |
| Elective | 242587 | Apply knowledge of macro economic trends and indices to evaluate the potential effect on a selected portfolio | Level 6 | Level TBA: Pre-2009 was L6 | 5 |
| Elective | 242591 | Apply knowledge of the unique estate planning needs of farm owners to provide a financial plan for a farm owner | Level 6 | Level TBA: Pre-2009 was L6 | 4 |
| Elective | 242597 | Apply technical knowledge and skill to advise business entities on insurance and group retirement benefits | Level 6 | Level TBA: Pre-2009 was L6 | 5 |
| Elective | 13030 | Calculate the taxation of lump-sum benefits | Level 6 | Level TBA: Pre-2009 was L6 | 10 |
| Elective | 13026 | Calculate the taxation of persons other than companies | Level 6 | Level TBA: Pre-2009 was L6 | 15 |
| Elective | 230074 | Demonstrate insight into how the South African Constitution impacts on the financial services industry | Level 6 | Level TBA: Pre-2009 was L6 | 6 |
| Elective | 242556 | Demonstrate knowledge and insight into offshore legislation in the South African investment environment | Level 6 | Level TBA: Pre-2009 was L6 | 3 |
| Elective | 242600 | Demonstrate knowledge and insight into the valuation of retirement funds | Level 6 | Level TBA: Pre-2009 was L6 | 5 |
| Elective | 242555 | Develop a potential wealth preservation solution for an entity | Level 6 | Level TBA: Pre-2009 was L6 | 8 |
| Elective | 242604 | Devise a marketing strategy for a selected target market | Level 6 | Level TBA: Pre-2009 was L6 | 5 |
| Elective | 242606 | Discuss current trends in investment portfolio management | Level 6 | Level TBA: Pre-2009 was L6 | 4 |
| Elective | 242561 | Evaluate the current and future financial position of an entity | Level 6 | Level TBA: Pre-2009 was L6 | 8 |
| Elective | 242572 | Evaluate the relevant performance of a Fund/Portfolio Manager | Level 6 | Level TBA: Pre-2009 was L6 | 5 |
| Elective | 230073 | Explain how the life cycle of a business entity affects investment and insurance decisions | Level 6 | Level TBA: Pre-2009 was L6 | 6 |
| Elective | 242610 | Investigate issues of governance that impact on the different role players in a selected sub-sector | Level 6 | Level TBA: Pre-2009 was L6 | 10 |
| Elective | 242557 | Research theories of behavioural economics and behavioural finance to explain the influence of emotion on financial decisions | Level 6 | Level TBA: Pre-2009 was L6 | 4 |
| LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: |
| When qualifications are replaced, some of their learning programmes are moved to being recorded against the replacement qualifications. If a learning programme appears to be missing from here, please check the replacement. |
| LP ID | Learning Programme Title | Originator | Pre-2009 NQF Level |
NQF Level | Min Credits | Learning Prog End Date | Quality AssuranceFunctionary |
NQF Sub-Framework |
| 83346 | Higher Certificate in Wealth Management | Moonstone Business School of Excellence (PTY) Ltd (previously known as PSG Konsult Academy) | Not Applicable | NQF Level 05 | 120 | CHE | HEQSF | |
| 57608 | National Certificate: Wealth Management | Generic Provider - Field 03 | Level 5 | Level TBA: Pre-2009 was L5 | 120 | INSETA | OQSF | |
| 62793 | National Certificate: Wealth Management | Milpark Education (Pty) Ltd | Level 5 | Level TBA: Pre-2009 was L5 | 120 | CHE | HEQSF |
| PROVIDERS CURRENTLY ACCREDITED TO OFFER THESE LEARNING PROGRAMMES: |
| 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. |
| LP ID | Learning Programme Title | Accredited Provider |
| 83346 | Higher Certificate in Wealth Management | Moonstone Business School of Excellence (PTY) Ltd (previously known as PSG Konsult Academy) |
| 62793 | National Certificate: Wealth Management | Milpark Education (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. |