SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Explain fiduciary responsibilities and the associated risks 
SAQA US ID UNIT STANDARD TITLE
113923  Explain fiduciary responsibilities and the associated risks 
ORIGINATOR
SGB Financial Services 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04  1 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 		 2004-02-11  2007-02-11  SAQA 1852/04 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2008-02-11   2011-02-11  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
243152  Explain fiduciary responsibilities and the associated risks  Level 4  NQF Level 04  2   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners in a financial services environment. It will add value to financial planners, intermediaries financial advisers, healthcare intermediaries, product developers, co-coordinators of medical schemes, financial call centre agents and trustees of medical schemes and retirement funds. It complies with the current legislated practices in giving financial advice.

The qualifying learner is capable of:
  • Explaining the relationship between fiduciary responsibility and personal liability.
  • Identifying the fiduciary risk in a specific situation.
  • Analysing and quantifying consequences of fiduciary risk in a specific situation.
  • Propose a solution to manage fiduciary risk in a specific situation. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this Unit Standard. Learners should be competent in Communication, Mathematical Literacy and Financial Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is
  • Risks include, but are not limited to, conflict of interest, failure to apply the mind, delegation, fettering indiscretion and acting in bad faith.
  • Parties may be jointly and severally responsible. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the relationship between fiduciary responsibility and personal liability. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Legislation that stipulates fiduciary duties is identified for a specific situation. 

    ASSESSMENT CRITERION 2 
    2. The concept of fiduciary responsibilities is explained and an indication is given of who or what the duty relates to. 

    ASSESSMENT CRITERION 3 
    3. The legal liability associated with fiduciary responsibility is explained with examples. 

    SPECIFIC OUTCOME 2 
    Identify the fiduciary risk in a specific situation. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Three case studies are analysed to identify the fiduciary risk and an indication is given as to why each poses a risk. 

    ASSESSMENT CRITERION 2 
    2. Governing documents are analysed and compared to practice and an indication is given of any discrepancies between the two. 

    ASSESSMENT CRITERION 3 
    3. The parties who would bear the fiduciary risk are identified for three different scenarios. 

    SPECIFIC OUTCOME 3 
    Analyse and quantify consequences of fiduciary risk in a specific situation. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Identified risks are ranked in terms of legal and financial impact. 

    ASSESSMENT CRITERION 2 
    2. The consequences of having incurred the top three ranked risks are explained with reference to statutory penalties, personal consequences, reputational risk and consequences to third parties. 

    SPECIFIC OUTCOME 4 
    Propose a solution to manage fiduciary risk in a specific situation. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Possible alternatives are suggested to avoid three different risks situations. 

    ASSESSMENT CRITERION 2 
    2. Possible alternatives to minimise the impact of the risk situation are identified for the specific situation. 

    ASSESSMENT CRITERION 3 
    3. A solution is proposed and substantiated to manage fiduciary risk in a specific situation. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative and formative assessment by a registered assessor.
  • Assessors must be registered as an Assessor with the relevant ETQA
  • Moderators must be registered as assessors with the relevant ETQA, or with an ETQA that has a Memorandum of Agreement with the relevant ETQA.
  • Training providers must be accredited by the relevant ETQA.

    Moderation should include both internal and external moderation where applicable. 
    		•

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is capable of identifying and solving problems and making decisions in analysing the fiduciary risks in a specific situation and proposing a solution to manage the risk. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is capable of organising him/herself and his/her own activities in suggesting ways to minimise or avoid fiduciary risk. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is capable of communicating effectively in proposing and substantiating a solution. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is capable of demonstrating cultural sensitivity in identifying the fiduciary risk in a specific situation and proposing a solution to manage the risk. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 243152, which is "Explain fiduciary responsibilities and the associated risks", Level 4, 2 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  49356   Further Education and Training Certificate: Medical Claims Assessing  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  66609   Further Education and Training Certificate: Retail Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 
    Elective  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-07-30  As per Learning Programmes recorded against this Qual 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2012-06-30  INSETA 
    Elective  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered"     		 2007-02-11  Was INSETA until Last Date for Achievement 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. BRC Solutions (Pty) Ltd 
    2. CKP Development Agency (Pty) Ltd 
    3. De Vries Management & Training Services cc 
    4. Faisit (Pty) Ltd 
    5. Ripple Effect 4 (Pty) Ltd 
    6. The Graduate Institute of Financial Sciences (Pty) Ltd 
    7. The Institute of Health Risk Managers (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.