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

Investigate the nature of the financial services market in South Africa 
SAQA US ID UNIT STANDARD TITLE
114953  Investigate the nature of the financial services market in South Africa 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 2  NQF Level 02  5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
8076  Understand the nature of the insurance market in South Africa  Level 2  NQF Level 02  5   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard provides a broad introduction to the financial services industry and the insurance and investment sub sector in particular. It is the starting point for a learner in insurance and investment. The focus is knowledge, skills, values and attitudes in relation to the learner's own context and experience of the world of work.

The qualifying learner is capable of:
  • Explaining the concept of a market as applied to financial services.
  • Identifying potential clients in the insurance or investment market.
  • Surveying opinions on the need for financial services in own community.
  • Using statistical information to determine the type of financial service most valued by different communities.
  • Outlining the products and benefits of the various products marketed by a selected financial services organisation. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should:
  • Hold a GETC or equivalent qualification; or
  • Be competent in Communication and Mathematical Literacy NQF Level 1. 
    		•

    UNIT STANDARD RANGE 
    The typical scope of a survey includes:
  • The concept of sampling at a basic level of understanding.
  • Basic demographic information.
  • Attitudes and values determined by socio economic status rather than race or culture.
  • Questions relating to whether the respondents would use a financial service, why and what financial services, if any, they would be interested in obtaining and why.
  • Financial services products include, but are not limited to, assistance policies, endowment, retirement annuity, medical cover, short term or multi-class type policies, banking products and participatory interest in collective investments portfolios. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the concept of a market as applied to financial services. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Short term, long term insurance, Healthcare Benefits Administration and investment markets are compared with reference to the basic principles of trade. 

    ASSESSMENT CRITERION 2 
    Insurance and investment are identified as services within the context of financial services and an indication is given of what makes them services. 

    ASSESSMENT CRITERION 3 
    The market for insurance or investment products is identified for a specific organisation. 

    ASSESSMENT CRITERION 4 
    The implications of the FAIS and FICA legislation for consumers is explained with examples. 

    SPECIFIC OUTCOME 2 
    Identify potential clients in the insurance or investment market. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Basic needs common to all people are identified and ranked in order of importance. 

    ASSESSMENT CRITERION 2 
    The basic needs of people are compared for different socio-economic groups. 

    ASSESSMENT CRITERION 3 
    The possibilities for insurance or investment for all people is discussed and attitudes, values and other factors are identified that could prevent people from buying insurance or investment products. 

    ASSESSMENT CRITERION 4 
    Environmental, family and health factors are identified that may motivate people to purchase insurance or investment products. 

    ASSESSMENT CRITERION 5 
    The relative importance of insurance or investment is discussed in relation to different socio-economic groups. 

    SPECIFIC OUTCOME 3 
    Survey opinions on the need for financial services in own community. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    A sample is selected of about 10 people known to the learner. 

    ASSESSMENT CRITERION 2 
    A questionnaire is compiled to find out why people would or would not insure against a particular risk or invest in a particular product. 

    ASSESSMENT CRITERION 3 
    The people in the sample are interviewed using the prepared questionnaire. 

    ASSESSMENT CRITERION 4 
    The information obtained is presented in a bar graph and the likelihood of an insurance or investment intermediary being successful is estimated for that community. 

    SPECIFIC OUTCOME 4 
    Use statistical information to determine the type of financial service most valued. 
    OUTCOME NOTES 
    Use statistical information to determine the type of financial service most valued by different communities. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Basic statistical information is interpreted from bar graphs, line graphs, pie charts and tables. 

    ASSESSMENT CRITERION 2 
    The type of financial service most valued by different communities is identified from the statistics. 

    ASSESSMENT CRITERION 3 
    The data is interpreted at a basic level of understanding and possible reasons are suggested for trends indicated in the data. 

    ASSESSMENT CRITERION 4 
    Implications of the trends for different sectors of the financial services industry are suggested at a basic level of understanding. 

    SPECIFIC OUTCOME 5 
    Outline the products and benefits of the various products. 
    OUTCOME NOTES 
    Outline the products and benefits of the various products marketed by a selected financial services organisation. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Three financial service products are named with reference to a selected financial services company. 

    ASSESSMENT CRITERION 2 
    The purpose and main benefits of each of the selected products are outlined at a basic level of understanding. 

    ASSESSMENT CRITERION 3 
    Two other financial services products are named for a selected organisation. 

    ASSESSMENT CRITERION 4 
    The benefits offered by mutual assistance groups, burial societies and friendly societies are named and compared to conventional insurance products. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard 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. 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO WORKING 
    Learners are able to work effectively with members of a community while conducting a survey. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are able to collect, organise and evaluate statistical information accumulated during a survey of the type(s) of financial services most valued by different communities and present their findings. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are able to communicate effectively and responsibly when presenting the results of a survey of financial services needs and opinions in a selected community. 

    UNIT STANDARD CCFO CONTRIBUTING 
    Learners are sensitive to the cultural and social differences in the community in which they conduct the survey. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

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

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 8076, " Understand the nature of the insurance market in South Africa", Level 2, Credits 10. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.