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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Further Education and Training Certificate: Long-term Insurance 
SAQA QUAL ID QUALIFICATION TITLE
49649  Further Education and Training Certificate: Long-term Insurance 
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
Further Ed and Training Cert  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  140  Level 4  NQF Level 04  Regular-Unit Stds Based 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Reregistered  SAQA 10105/14  2015-07-01  2018-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2019-06-30   2022-06-30  

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 
Purpose:

The purpose of the Qualification is to build knowledge and skill required by employees in Long-term Insurance who have had schooling at or below NQF level 4. It serves as a bridging Qualification into Long-term Insurance as learners will not have acquired the necessary knowledge and skills as part of the school curriculum. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate confidently as individuals in the South African community and to respond to the challenges of the economic environment and changing world of work in the financial services industry. It should add value to the qualifying learner in terms of enrichment of the person, status and recognition.

As a Qualification that covers Long-term Insurance related learning, it provides a framework for learners to develop competencies that will give them insight into the Long-term Insurance sub sector. It introduces a basic understanding of the key terms, rules, concepts and principles of the field that will enable learners to be informed workers in the industry. It provides a balanced learning experience that allows flexible access to life long learning, higher education and to productive employment in Long-term Insurance. It provides an opportunity for learners to learn and apply academic skills in relation to the workplace and will allow for multi-skilling.

The FETC: Long-term Insurance allows the individual to work towards a nationally recognised Qualification. It is flexible enough to accommodate both learners in formal education and learners already employed in the Long-term Insurance sector. The focus is on basic information gathering, analysis, presentation and the ability to apply knowledge of the field to solve routine problems within given frameworks.

Qualifying learners should be knowledgeable about and competent in:
  • Carrying out basic research, information gathering and analysis.
  • Interpreting current affairs and their influence on Long-term Insurance.
  • Communication and mathematical literacy at a level that allows them to operate effectively in the financial services industry.
  • Behaviour and ethics in a work environment and the implications, consequences and liability arising out of non-compliance with relevant legislation.
  • Managing aspects of personal finances.
  • Knowledge of Long-term products including group retirement benefits, life and healthcare.
  • Customer care including internal and external customers.
  • Understanding the key terms, rules, concepts and principles of the Long-term sub-sector in general and their chosen career path in particular.
  • Application of the law of contract in Long-term Insurance.

    These Unit Standards are intended as building blocks for the further development of skills that will make the learner a more fulfilled, informed, efficient and cost effective worker in the industry. This should result, in turn, in more effective and efficient service to the consumer and should make the industry more competitive in the global market.

    Rationale:

    The FETC: Long-term Insurance replaces the National Certificate in Long-term Insurance: NQF Level 4, after review. The National Certificate in Long-term Insurance: NQF Level 4 was previously registered in 2001 to meet the needs of learners in a variety of positions in the Long-term Insurance sub-sector which includes life insurance, retirement and group benefits and Healthcare Benefits Administration. The FETC: Long-term Insurance is a generic Qualification with specialisation in a selected career path in the Long-term Insurance industry.

    The original Qualification has been expanded and is now a more holistic Qualification than the previous Qualification. It is a first step for learners who:
  • Have attained the National Certificate in Insurance: Level 3 and wish to continue on a path of life-long learning specialising in Long-term Insurance.
  • Were previously disadvantaged or who were unable to complete their schooling and were therefore denied access to Further Education and Training.
  • Have worked in the Long-term Insurance sub sector for many years, but have no formal Qualifications in their area of specialisation and wish to extend their range of skills and knowledge of the industry so that they can become knowledge workers in the industry.
  • Are in a learnership agreement in the Long-term Insurance sub sector.
  • Have recently taken up a position in Long-term Insurance.

    Learners employed in Long-term Insurance at this level may be Administrators, Consultants, Personal Assistants, Secretaries, Service Centre Staff or Category B Intermediaries, Term Broker Consultants, Client Liaison Officers, IT Systems Designers and Analysts in Long-term organisations, Product Developers or Business Analysts in Personal or Corporate Benefits, Marketing or Life Administration. They do work that requires an understanding of the Long-term sub-sector within the context of the Financial Services Industry and some specialisation in their selected career path. They require insurance knowledge at a fundamental level and are required to interpret information and may be required to adjust an application of Scheme/Policy rules. Trustee training has been identified as a necessity by the Department of Finance and the Financial Services Board. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
  • Communication at NQF Level 3
  • Mathematical Literacy at NQF Level 3
  • Computer Literacy at NQF Level 3

    Recognition of prior learning:
  • The FETC: Long-term Insurance 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 Standard 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? 

    QUALIFICATION RULES 
    The Qualification consists of a Fundamental, a Core and an Elective Component.

    To be awarded the Qualification, learners are required to obtain a minimum of 140 credits as detailed below.

    Fundamental Component:

    The Fundamental Component consists of Unit Standards in:
  • Mathematical Literacy at NQF Level 4 to the value of 16 credits.
  • Communication at NQF Level 4 in a First South African Language to the value of 20 credits.
  • Communication in a Second South African Language at NQF Level 3 to the value of 20 credits.
  • Financial Literacy at NQF Level 4 to the value of 12 credits.

    It is compulsory therefore for learners to do Communication in two different South African languages, one at NQF Level 4 and the other at NQF Level 3.

    All Unit Standards in the Fundamental Component are compulsory.

    Core Component:

    The Core Component consists of Unit Standards to the value of 52 credits all of which are compulsory.

    Elective Component:

    Electives that add up to at least twenty credits should be selected from the allocated list of Electives. 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 may be life skills to enhance employability. The Electives have been grouped under the headings:

    General Long-term (total 19 credits):
  • ID 114956: Describe funeral insurance, NQF Level 3, 2 credits.
  • ID 117104: Administer a Long-term insurance claim, NQF Level 3, 2 credits.
  • ID 11736: Administer Long-term employee benefits and medical scheme membership, NQF Level 3, 3 credits.
  • ID 119260: Explain credit life insurance, NQF Level 4, 2 credits.
  • ID 119262: Demonstrate knowledge and application of the relationships between Life Style Measurements (LSM) and Long-term insurance, NQF Level 4, 6 credits.
  • ID 119264 Identify and explain trends and issues in the Long-term insurance market that present an abnormal risk, NQF Level 4, 4 credits.
  • ID 119259: Explain the roles of actuaries, underwriters and claims assessors in Long-term insurance, NQF Level 4, 2 credits.

    Group Retirement (total 13 credits):
  • ID 117122: Analyse the role of group retirement benefits in the insurance industry, NQF Level 4, 2 credits.
  • ID 117123: Analyse different group retirement products, NQF Level 4, 2 credits.
  • ID 117124: Administer basic asset related transactions in a Retirement Fund, NQF Level 3, 3 credits.
  • ID 113931: Describe the main aspects of pre and post retirement planning, NQF Level 4, 2 credits.
  • ID 113920: Investigate possible funding options for investors exiting a group retirement fund, NQF Level 4, 2 credits.
  • ID 113930: Apply industry knowledge to develop an investment strategy for a group retirement fund or medical scheme, NQF Level 4, 2 credits.

    General industry (total 50 credits):
  • ID 117124: Investigate the possibilities of establishing and running a small business enterprise (SMME), NQF Level 4, 5 credits.
  • ID 117241: Develop a business plan for a small business, NQF Level 4, 3 credits.
  • ID 119679: Analyse the Financial Services Industry and the role of insurance in a business environment, NQF Level 4, 9 credits.
  • ID 117111: Apply knowledge of basic accounting principles to financial services, NQF Level 3, 4 credits.
  • ID 119265: Manage Risk in own work environment, NQF Level 4, 2 credits.
  • ID 117132: Explain basic economics, NQF Level 3, 3 credits.
  • ID 113922: Explain the structure of the Financial Services Industry in South Africa, NQF Level 3, 3 credits.
  • ID 114985: Indicate how different needs lead to the development of different financial services products, Level 3, 4 credits.
  • ID 114941: Apply knowledge of HIV/AIDS to a specific business sector and a workplace, NQF Level 3, 4 credits.
  • ID 12547: Demonstrate knowledge and understanding of the role, functions and duties of trustees of retirement funds, NQF Level 3, 4 credits.
  • ID 12548: Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of retirement funds, Level 3, 4 credits.
  • ID 113923: Explain fiduciary responsibilities and the associated risks, NQF Level 3, 1 credit.
  • ID 12550: Demonstrate knowledge and understanding of the role, functions and duties of trustees of medical schemes, NQF Level 3, 4 credits.

    Legislation (total 36 credits):
  • ID 114966: Explain the types of compulsory statutory insurance in South Africa, NQF Level 3, 2 credits.
  • ID 117126: Apply knowledge and insight into aspects of the Long-term Insurance Act, Act 52 of 1998, NQF Level 4, 2 credits.
  • ID 12166: Demonstrate knowledge and insight into the Collective Investment Schemes Act, 45 of 2003 (CICSA), NQF Level 4, 2 credits.
  • ID 12164: Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002), NQF Level4, 2 credits.
  • ID 14506: Explain the Financial Intelligence Centre Act, 38 of 2001 and the implications of the act for client relations, NQF Level 4, 3 credits.
  • ID 14315: Demonstrate knowledge and insight into the Income Tax Act (58 of 1962) as amended as it applies to insurance and investment products, NQF Level4, 2 credits.
  • ID 119682: Demonstrate knowledge and application of the Value Added Tax Act, (VAT) 89 of 1991 as amended as it applies to insurance policies, NQF Level 4, 2 credits.
  • ID 12167: Demonstrate knowledge and understanding of the Capital Gains Tax Legislation as it applies to insurance and investment, NQF Level 4, 2 credits.
  • ID 119678: Explain and apply the basic principles of the Estate Duty Act (45 of 1955), NQF Level4, 2 credits.
  • ID 117129: Apply the regulations for disclosure that are required as part of the financial sales process, NQF Level 4, 2 credits.
  • ID 117118: Apply knowledge of the current Medical Schemes Act and the accompanying regulations, NQF Level 4, 3 credits.
  • ID 113932: Explain The Medicines And Related Substances Control Amendment Act, 59 of 2003 as it impacts on medical schemes, NQF Level 4, 2 credits.
  • ID 117149: Apply knowledge and insight into the statutory cover afforded under the Compensation For Occupational Injuries And Diseases Act, 130 of 1993, as amended (COIDA), NQF Level 4, 3 credits.
  • ID 117155: Explain the scope of the Compensation for Occupational Injury and Disease Act 130 of 1993 (COIDA), NQF Level 4, 2 credits.
  • ID 117131: Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits, NQF Level 4, 2 credits.
  • ID 117120: Analyse the Pension Funds Act as it applies to the administration of retirement funds, NQF Level 4, 3 credits.
  • ID 113928:Explain the application of the Promotion of Access to Information Act, 2 of 2002 and the Electronic Transactions and Communications Act, 25 of 2002 in Wealth Management, NQF Level 4, 2 credits.

    Computer Literacy (total 24 credits).
    Service Centres (total 5 credits).
    Sales and Marketing (total 13 credits).
    Investment (total 23).
    Healthcare Benefits Administration (total 38).
    Personal Development (total 34).
    Management (total 24 credits). 

  • EXIT LEVEL OUTCOMES 
    The focus of the FETC: Long-term Insurance is on fundamental knowledge of Long-term Insurance and an ability to apply appropriate processes and procedures to solve problems in a familiar context, to adjust applications when required and to motivate the change. Learners are required to apply literacy and numeracy skills to different Long-term Insurance contexts. They are expected to gather, analyse and evaluate information from a range of sources and to present and communicate information reliably and accurately verbally and in writing.

    Learners should have the capacity to take responsibility for their own learning within a supervised environment and should be able to evaluate their own performance and address their shortcomings.

    Exit Level Outcomes
    The learner will be capable of:

    1. Carrying out basic research tasks and applying literacy and numeracy skills to analyse, interpret and evaluate information from a range of sources related to Long-term Insurance or reinsurance and the assessment of risk.

    2. Managing personal finances and risk.

    3. Applying knowledge of legislation, ethics, compliance and organisational protocols in the Long-term Insurance environment.

    Exit Level Outcomes for the Critical Cross-Field Outcomes

    The learner can demonstrate ability to:
  • Identify and solve problems in which responses show that responsible decisions using critical thinking have been made in a Long-term environment.
  • Work effectively with others as a member of a team, group, organisation or community. As the Qualification is intended to be part of a learnership it is unlikely that the learner would work alone.
  • 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 allocated tasks responsibly in the work environment. Work output is in line with an agreed mandate, relevant service agreements and an organisation's customer service standards within a Long-term Insurance environment. The learner is required to complete research assignments timeously and to apply knowledge of different aspects of Long-term Insurance.
  • 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 analyse information from the media.
  • 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 that the insurance industry is technology driven and very few activities take place without the application of technology. The learner is also expected to access information from electronic media and use a computerised data base.
  • 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 learners' part in the big picture, issues of compliance and how the learner's actions have implications up and down the line.

    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:
  • Being culturally and aesthetically sensitive across a range of social contexts in dealing with diverse people in the workplace including customers, co-workers and people who are surveyed or interviewed.
  • Participating as a responsible citizen in the life of local, national and global communities by accepting responsibility for own financial wellness and income tax.

    Exit points for learners who do not complete a Qualification
  • Learners will be credited with Unit Standards in which they have proved competence.
  • Learners who complete individual Unit Standards but do not complete this Qualification retain their credits. However, should the substance of the Unit Standards change, the validity of the credit towards the Qualification may be reviewed.
  • Learners who change their provider or learning site before completing the Qualification may transfer their credits to the new learning site.
  • An authorised original NLRD record of learning is required as proof of learning before the learner is officially transferred to the new learning site. 

  • ASSOCIATED ASSESSMENT CRITERIA 
    1.
  • Current events and developments that could impact on Long-term Insurance are analysed and discussed and a personal point of view is offered in the discussion indicating ability to anticipate or predict future trends.
  • Knowledge learnt in various Unit Standards and current events as they occur are integrated with a developing understanding of the Long-term environment in general, and a selected career path in particular, so that knowledge of the industry is applied in authentic situations.
  • Information is gathered, analysed, summarised, interpreted from a range of sources and presented reliably and accurately. Positions taken are motivated and substantiated.
  • Different Long-term products are analysed to determine cover.
  • Important areas of Long-term Insurance are explained with reference Life, Retirement Benefits and Healthcare Benefits Administration in South Africa.

    2.
  • The basic principles and different forms of individual income tax are explained with reference to an individual's liability and duty to pay tax.
  • Basic financial statements are analysed and used to make a personal financial decision.
  • Financial risk in own life is analysed and ways to reduce own financial risk are investigated for different types of risk.
  • The needs of a pensioner are investigated to assess the adequacy of retirement provision.

    3.
  • Methods, procedures and techniques of Long-term Insurance are explained with reference to specific company policy, legislative requirements and industry practices.
  • Information is gathered, analysed, evaluated, interpreted, recorded and presented and decisions are explained within own authority limits or mandate and with due regard for compliance.
  • The concept of ethics is explained with reference to an organisations code of conduct and an individual's personal and property rights.
  • Knowledge of legislation is applied to Long-term Insurance.
  • Trends and issues in Long-term Insurance that present an abnormal risk are interpreted to anticipate fraud.
  • Risks associated with non-compliance that could result in liability are identified within the context of Long-term Insurance.
  • Knowledge of personality styles and emotional intelligence are applied to customer service.

    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 FETC: Long-term Insurance 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 
    Traditionally, the training of employees in Long-term Insurance in South Africa was done in-house by the larger insurers, the Insurance Institute of South Africa and other small private providers. Expertise was accumulated through experience. There were no providers in formal education that offered courses at Level 4 specifically in Long-term Insurance and there was no way of comparing the merit of the various in-house courses. In terms of current SAQA definitions most of the Long-term Insurance courses available in South Africa would be classified as short courses or skills programmes rather than Qualifications. The National Certificate in Long Term Insurance: NQF Level 4 was registered in 2001 to meet the needs of learners in a variety of positions in the Long-term Insurance sub sector. It is a generic Qualification with specialisation in a selected career path in the Long-term Insurance industry. At the time of registration it was not compared to specific international Qualifications.

    This comparison for the FETC: Long Term Insurance is based on the following Qualifications:
  • United Kingdom (UK):

    Skills Council for Financial Services National Standards: registered on NVQ.
    Functional groups of Unit Standards were downloaded from the Skills Council for Financial Services website. Unfortunately, neither the Financial Services Skills Council nor the Qualification and Curriculum Authority (QCA) websites make the rules of combination clear in terms of selecting the Unit Standards. This comparison is therefore based on the key skills units (fundamentals). The UK Financial Service Skills Council Qualification includes the following functional groups:

    > Accounting and credit control (Standards at level 2)
    > Account Services (Standards at levels 2 and 3)
    > Administration and using IT (Standards at levels 2 and 3)
    > Asset management and arrears (Standards at levels 3 and 4)
    > Call Handling (Standards at levels 2-4)
    > Customer Service (Standards at level 2-4)
    > Health and Safety (Standards at levels 2-4)
    > Insurance Claims (Standards at Levels 2 and 3)
    > Insurance Contracts and Policies (Standards at Levels 2 and 3)
    > Insurance Intermediaries (Standards at Levels 2 and 3)
    > Mortgages and lending (Standards at Levels 3 and 4)
    > Organisation and Resource Management (Standards at levels 2 and 3)
    > Pensions Administration (Standards at level 3 and 4)
    > Providing advice (Standards at level 3)
    > Reinsurance (Standards at level 3)
    > Sales and Marketing (Standards at levels 2 and 4)
    > Self Development (Standards at levels 2-4)
    > Underwriting (Standards at levels 2-3)
    > Working with others - (Standards at levels 2-4)
  • Australia (AQF):

    > Certificate IV in Financial Services, soon to be registered on Australian Qualification Framework (AQF): Standards for this comparison were obtained from draft documentation sent to the SGB by Gina Hockley, project manager of the task team currently rewriting the Financial Services package in Australia - ghockley@fseaa.com.au For the Certificate IV in Financial Services, learners are required to complete.
  • Industry Core Units (Fundamental Skills)
  • At least 9 elective units from the following groupings:
    > Industry Capability:
    > Generic
    > Account Management
    > Advice (Include ASIC Tier 2)
    > Organisational Skills
    > Customer Relationship
    > Product Skills
    > Sales and Marketing
    > Product Skills
  • Accounting
  • Credit Lending Services
  • Personal Trustees
  • Finance Mortgage Broking
  • Retail Financial Services
  • Financial Markets
  • Financial Planning
  • Banking
  • General Insurance
  • Self Managed Superannuation
  • Superannuation
  • Life Insurance
  • Workers Compensation
  • Compliance
  • Insurance Services
  • Mercantile Agents

    Sites researched and/or organisations contacted:

    UK
  • Qualification and Curriculum Authority (UK): The Qualification and Curriculum Authority (QCA) in the United Kingdom are responsible for standards in education and training. Their site covers the schools curriculum, accreditation and monitoring of Qualifications in schools, colleges and work, as well as research and statistics. http://www.qca.org.uk
  • Financial Services Skills Council - UK: The Financial Services Skills Council is licensed by the UK government to work in partnership with employers to provide strategic and responsible leadership for training, education and development for the financial services industry in the UK. http://www.fsnto.org.uk

    AUSTRALIA
  • Australian Qualifications Authority: http://www.aqf.edu.au
  • The National Training Information Service (Australia): The Australian Government's National Training Information Service web site provides information on the Qualifications, Qualification structures and the Unit Standards registered on the AQF. http://www.ntis.gov.au
  • National Finance Industry Training Advisor: Through various searches and links, the SGB made contact with the project team responsible for scoping and rewriting the Financial Services Training Package. A training package is an integrated set of nationally endorsed competency standards, assessment guidelines and AQF Qualifications for a specific industry, industry sector or enterprise. http://www.nfitab.com.au

    AFRICA
  • Botswana Training Authority (BOTA) BOTA has registered 164 Unit Standards for three sectors (trainers and assessors (practice standards), wholesale and retail and Information and Communications Technology), but has not yet registered standards for their financial services industry. http://www.bota.org.bw

    OTHER

    Previous comparisons for Financial Services Qualifications at Levels 2 and 3 established that a comparison in a country with an emerging economy is not possible at present. This is 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 web sites considered for these comparisons are:
  • 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


    Background and rationale for the choice of countries for comparison with the FETC: Long-term Insurance

    A search or information for the international comparisons for the FETC: Medical Claims Assessing conducted during September 2004, and the FETC: Long-term Risk Assessment in October 2004 provided information relevant to the international comparison of the FETC: Long-term Insurance. The countries selected for this comparison therefore were motivated by available information and an attempt to maximise resources and minimise time and costs, without losing quality. A document detailing the core Unit Standards level 4 UK Qualifications, as well as the draft version of the Financial Services learning pathway in Australia were obtained as part of the information search for the international comparison of the FETC: Medical Claims Assessing and the FETC: Long-term Risk Assessment. These documents form the basis for this comparison.

    Level Descriptors:

    UK: Competence at level 4 involves the application of knowledge in a broad range of complex, technical or professional work activities performed in a variety of contexts and with a substantial degree of personal responsibility and autonomy. Responsibility for the work of others and the allocation of resources is often present.

    AQF: Competence at level 4 involves the following:
  • Demonstrate understanding of a broad knowledge base incorporating some theoretical concepts.
  • Apply solutions to a defined range of unpredictable problems.
  • Identify and apply skill and knowledge areas to a wide variety of contexts with depth in some cases.
  • Identify, analyse and evaluate information from a variety of sources.
  • Take responsibility for own outputs in relation to specified quality standards.
  • Take limited responsibility for the quantity and quality of the output of others.

    Detailed comparison

    Fundamentals

    Mathematical Literacy:
  • NVQ: The UK's Key skill Unit Application of Number - Level 4 has three elements (Specific outcomes)
    > Develop a strategy for using application of number skills over an extended period of time.
    > Monitor progress and adapt your strategy, as necessary, to achieve the quality of outcomes required in work involving:
    > Deductive and inferential reasoning
    > Algebraic modelling.
    > Evaluate your overall strategy and present the outcomes from your work, including use of charts, graphs and diagrams to illustrate complex data.

    The UK standard is similar to the SA standards in that the use of Mathematics is applied to a work or life problem. A hypothesis is stated, and mathematics is used to research and evaluate a work related problem. The UK standard is broader than the three SA standards as it does not state which mathematical strategy or methodology (statistics, algebra, geometry) the learner should use for the problem. It would seem that any of these methods (depending on the research problem) is acceptable whereas the SA learner will have to be competent against a range of mathematical methods.

    Communication
  • NVQ: The Key Skills Unit Communication Level 4 includes:
    > Develop a strategy for using communication skills over an extended period of time.
    > Monitor progress and adapt your strategy, as necessary, to achieve the quality of outcomes required in work involving at least:
    > One group discussion about a complex subject
    > One document of 1,000 words or more about a complex subject.
    > Evaluate your overall strategy and present the outcomes from your work, using at least one formal oral presentation. Include a variety of verbal, visual and other techniques to illustrate your points.

    There are some synergies with the contextualised communication Unit Standard - Use the writing process to compose texts required in a business environment. The UK standard requires the additional competencies of making a business presentation.
  • AQF: The Industry core unit Communicate in the workplace has the following common elements of competence: knowledge of industry and company policies and procedures in regard to customer service, communication, correspondence, receipt of messages and internal administration systems, basic knowledge and understanding of relevant legislation, statutory requirements or industry codes of practice, including, questioning/listening techniques, oral and written communication techniques, industry/company security practices, knowledge of types of correspondence, information and/or reports generated, basic interpersonal and communication skills and referral skills. The AQF standard has additional elements of competency regarding the use of appropriate software, basic keyboard and computer skills, which are not implicitly stated in the SA standard, but are covered in the Computer Literacy standards.

    Financial Literacy

    The financial literacy Unit Standards in the FETC: Long Term Insurance introduce entry-level financial related competencies for learners, and ensure that individuals are able to apply the financial literacy concepts in their own lives to be financially responsible and therefore more productive and responsible employees. i.e. the industry requires financially responsible and empowered employees to work with their client's money and investments.
  • NVQ: No similar Unit Standards were found on the NVQ in the context of Insurance Qualifications, however, financial literacy competencies are embedded in other Unit Standard across the UK Qualification. The application of these competencies does not appear to extend to learners' own lives.
  • AQF: There are draft units (standards) that are soon to be registered on the AQF. They do not form part of industry core (similar to our fundamental standards) but have been categorised as elective standards. These standards are new units designed to enhance consumer financial literacy, although some have a personal application element.
    > Develop and use a personal budget: addresses the basic knowledge and skills required to develop implement and monitor a personal savings budget. It covers exploring the benefits of budgeting, identifying income and expenses and ways to monitor the budget.
    > Facilitate customer understanding of personal financial statements covers the skills and knowledge to educate customers in understanding and interpreting information contained in personal financial statements. It covers a range of statements including bank and credit card statements.

    The two units have a South African equivalent classified as Financial Literacy in the FETC: Long-term Insurance in terms of competencies. However, the SA Qualification has no obvious emphasis on consumer education, as this is not an industry requirement for insurance workers. Note that previous comparisons with the Australian Qualifications have indicated that Financial Literacy concepts are embedded in the Australian core units but do not extend to application in the learners own lives. This is no longer the case at these new standards assist learners to manage finances in their own lives as well as educate clients on relevant financial concepts.

    Conclusion (Fundamentals)

    There are four other key skills units registered at level 4 on the NVQ that do not have South African fundamental counterparts but are covered by the South African critical cross-field outcomes either across the Qualification or by the core and elective Unit Standards in the Qualification:
  • Information and Communication Technology - Level 4
  • Improving own learning and Performance - :Level 4
  • Problem Solving - Level 4
  • Working with Others - Level 4

    All the key skills units follow generic formulae: Develop a strategy using the specific competencies, monitor progress, evaluate and present objectives using new skills acquired.

    The industry core standards registered on the AQF at certificate 4 level are fundamental and must be demonstrated at diploma or advanced diploma level.
  • Apply principles of professional practice to work in the financial services industry.
    > AQF: Deliver a professional service to customers: Knowledge requirements include the finance industry, customer relations, customer service, organisational product and service knowledge, complaint documentation requirements, relevant industry legislation. Skills requirements include: basic communication skills such as basic questioning, listening, speaking and writing skills and the ability to interpret and demonstrate appropriate non-verbal skills, basic interpersonal/relationship building skills, sales techniques, time management skills, recording skills, problem solving skills, organisational skills such as prioritising, appropriate documentation, and maintaining records.
  • Communicate in the workplace.
  • Use technology in the workplace.
  • Apply health and safety practices in the workplace.

    Core
  • Explain and apply ethical conduct in a business environment
    > AQF: Apply principles of professional practice to work in the financial services industry and Comply with financial services legislation, industry and professional codes of practice have elements of competency relating to ethical codes of behaviour included in the performance criteria.
  • Analyse the different products available in the Long-term Insurance industry and the benefits of each.
    > AQF: The Product Skills Stream has three Unit Standards that are relevant: Develop and maintain in depth knowledge of products and services used by your organisation or sector; Match financial products to customer needs; Tailor a product/service to meet customer needs.
  • Apply the skills of customer care in a specific work environment.
    > NVQ: Within the Customer Service functional group the following standards have various overlapping outcomes with the South African standard: Maintain and Improve Customer Service Delivery (L3); Develop Customer Relationships and Business Networks (L3); Develop Productive Relationships With Callers (L3), Establish and Maintain Productive Business Relationships (L4); Develop and Maintain Positive Working Relationships With Customers (L3) .
    Notes: Analysis of personality styles is unique to the South African standard, although the UK standards do look at the wants and needs of the client and balancing these with the organisational needs. There is a wide choice of customer care standards on the NVQ and some have outcomes that are not specifically addressed, but are embedded in the South African Unit Standard. These are:

    > (US) Address problems and complaints on behalf of customers:
    > (SO) Deal with problems and queries on behalf of customers
    > (SO) Deal with complaints
    > (US) Manage and enhance customer service delivery
    > (SO) Monitor and manage customer service delivery
    > (SO) Initiate changes to improve customer service delivery

    The following standards do not have South African equivalents in this qualification:
    > (US) Establish and maintain productive business relationships
    > (SO) Identify potential customers, influencers and decision makers
    > (SO) Develop and enhance positive working relationships with customers (This is met in the SA Standard)
    > (SO) Develop and maintain a network of key contacts

    > AQF: The standard Respond to customer enquiries (4) has synergies with the South African standard. Again, analysis of personality styles is unique to the South African standard.
  • Explain insurable risk.
    > NVQ & AQF: Whilst there are no specific Unit Standards that cover the concept of risk there are various Unit Standards across the groupings that have insurable risk as embedded knowledge.
  • Apply the law of contract to insurance.
    > NVQ: In the standard, Process New Business as an Intermediary (L3) the outcome, finalise contracts for insurance products and services - (and related performance criteria) at all times comply with the relevant regulatory code indicates an understanding on the law of contract. However, the standard does not require the depth of knowledge required in the South African Unit Standard.
    > AQF: There is no specific standard relating to the law of contract however, the embedded knowledge in various units require extensive legislative knowledge and the application of compliance.
  • Describe issues of compliance or non-activity that could result in civil or criminal liability in terms of business law.
    > AQF: The compliance groupings of standards have various standards relating to implementing procedures for non-compliance with knowledge of the results of non-compliance embedded.
  • Describe the control of fraud in Long-term Insurance.
    > NVQ: Authorise transactions using telecommunications equipment (L2), Settle claims on behalf of the insurer (L3) and Contribute to a safe, secure and effective working environment (L3) have performance criteria relating to identification of fraud but the competence relating to fraud is not as detailed as that in the South African Unit Standard and is not specific to Long- term Insurance.
  • Describe life insurance; Describe disability insurance solutions in the context of financial planning; Investigate dread disease products and their place in wealth management.
    > NVQ: Sell Financial Products and Services (L4) and Promote the organisations products and services has outcomes that imply understanding of the products mentioned in the South African standards.
    > AQF: The product groupings: Develop and maintain in depth knowledge of products and services used by your organisation or sector, Match financial products to customer needs, and tailor a product/service to meet customer needs, has knowledge of life insurance embedded (if the learner's industry is life insurance).
    Note: Since the UK and Australian Qualification are more generic than the South African Qualification, the equivalence of the South African outcomes will only be met, if the learner selects the Long Term Insurance grouping in the AQF Qualification.
  • Describe group insured benefits.
    > AQF: There are no specific units that correspond to this Unit Standard, however, the knowledge of pensionable benefits (excluding healthcare) is embedded in the Superannuation and Personal trustees functional groupings.
  • Investigate the need to provide financially for own retirement.
    > AQF: Develop understanding of superannuation is designed to enhance consumer financial literacy and covers the skills and knowledge required to understand the role of superannuation and other longer term investment devices and to make effective and informed decisions about the related products. It covers the purpose of superannuation, the role and range of investment vehicles in the building of personal wealth and the active monitoring of a superannuation scheme's performance over time. It provides competencies to invest for retirement.

    No equivalents were found for on the international qualifications research for:
  • Analyse new developments reported in the media that could impact on Long-term Insurance.
  • Describe healthcare cover in South Africa.
  • Indicate the scope of life insurance in South Africa.

    Group Retirement

    NVQ: It is difficult to compare the UK standards to the SA standards as the NVQ standards refer to tasks and not competencies as do the SA standards. Within the Pensions Administration Functional Grouping the following standards indicate overlapping or embedded competencies with the Group Retirement standards of the South African standards: Process applications for early leavers (L3); Process applications for retirement benefits (L3); Process applications for death benefits (L3); Maintain member and scheme records (L4); Communicate pensions information (L4); Determine retirement benefits (L4); Determine death benefits (L4); Determine leavers' benefits (L4); Determine transfers in and transfers out (L4) and Settle benefits (L4).

    On the AQF the following units exist relating to superannuation: Process complex superannuation benefits and /or insurance claims; Assist in meeting superannuation compliance requirements; Work within a defined benefit fund, Administer retirement income streams; Establish and customise complex employer accounts; Implement fund review practices; Establish and maintain fund or plan; Assess complex superannuation benefit and/or insurance claims.

    General Industry
  • Investigate the possibilities of establishing and running a small business enterprise (SMME).
    > AQF: Manage and maintain small/medium business: This unit requires the application of management, communication and problem solving skills to operate a micro to small business or department. It may be applied to the financial services industry operations.
  • Develop a business plan for a small business
    > AQF: Although the standard is for an already established business Grow the practice, has the following overlapping competencies: Knowledge of marketing principles, ability to acquire and interpret relevant data, Skills to: analyse and manipulate data, communicate, negotiate, problem solve, and plan.
  • Apply knowledge of basic accounting principles to financial services; Explain basic economics
    > NVQ: Reconcile Accounts (L2) The NVQ Unit Standard focuses on the process, but has the embedded knowledge of accounting principles in order to apply the task of reconciling accounts.
    > AQF There are standards available in the Accounting Stream that have overlapping competencies.
  • Manage Risk in own work/business environment.
    > AQF: Establish, supervise and monitor practice systems to conform with legislation and regulations (L4), Undertake risk identification (L4), Assess risks (L4), Develop and implement risk mitigation plan (L4), Determine and manage risk exposure strategies (L4).
  • Demonstrate knowledge and understanding of the role, functions and duties of trustees of retirement funds.
    > NVQ: Communicate Pensions Information (L4); Determine Retirement Benefits (L4);
    > AQF: Liaise with and support trustees - AQF- (L3).

    No explicit standards were found on the NVQ or AQF for the following standards although the standards on both the NVQ and AQF have the several of the underlying competencies embedded across their Qualifications to a greater or lesser extent.
  • Analyse the Financial Services Industry and the role of insurance in a business environment.
  • Explain the structure of the Financial Services Industry in South Africa
  • Indicate how different needs lead to the development of different financial services products.
  • Apply knowledge of HIV/AIDS to a specific business sector and a workplace.
  • Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of retirement funds.
  • Explain fiduciary responsibilities and the associated risks.
  • Demonstrate knowledge and understanding of the role, functions and duties of trustees of medical schemes.

    Legislation

    As regulation is specific to a country the legislation Unit Standards cannot be compared standard for standard. All insurance qualifications do in fact put value on acquisition of competencies relating to the legal environment:
  • AQF: The Compliance standards Conduct individual work within a compliance framework, and Facilitate compliance with statutory, legislative and regulatory requirements via staff education refer to competencies required to adhere to and comply with the law. In the South African Qualification there are separate Unit Standards for each Act. The Australian Qualification does not have separate standards for each law. The Australian standards measure the learner's ability to comply with the statutory requirements in the Australian system. The underpinning competencies include relevant statutory, legislative and regulatory requirements, relevant codes of practice, organisational policy and procedures, comprehensive knowledge of individual work requirements and practices, ethics, documentation skills, written and oral communication skills. In addition to knowledge of regulation and compliance, there are numerous standards available on the AQF relating to developing compliance standards, training staff about compliance issues, implementing compliance measures and implementing codes relating to breach of compliance measures. Some of these units include but are not limited to, Facilitate compliance with statutory, legislative and regulatory requirements via staff education; Develop and implement compliance systems; Implement processes for the management of breaches in compliance requirements.

    Computer Literacy

    NVQ: The Key skills include information technology. 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 FETC: Long-term Insurance.

    AQF: The industry core unit: Use technology in the workplace as has similarities with the South African Unit Standards. Computer literacy is an embedded competency in the units across the Qualification which indicates the importance of computer literacy in the AQF. Definite synergies were also found for:
  • Use an electronic system as a tool in a financial services context.
    > NVQ: Data processing: (L3), Process sales support (L3), Enter and retrieve information using a computer system (L2).
  • Use an electronic system to propose a financial solution.

    Service Centres
  • Access information to respond to client enquiries in a financial services environment.
    > NVQ: Enter and retrieve information using a computer system (L2).
    > AQF: Collect, assess and use information (L4) - Industry core unit.
  • Communicate verbally with clients in a financial environment.
    > NVQ: Advise customers as an insurance intermediary (L3); Ensure the quality of call handling services (L4); Contribute to developing and maintaining positive caller relationships (L3) Supervising Call Handling (L3), Call Handling Operations (L2); Solve problems for telephone callers (L3), Supervising Call Handling (L3), Develop and maintain supportive relationships with telephone callers (L3).
    > AQF: Liaise with clients, other professionals and third parties (L3).

    Sales and Marketing
  • Manage a business offering financial advice.
    > AQF: Although not specific to management of an intermediary function, the units at L4: Contribute to resource planning and Work with specialist and outsourced functions and Establish or review human resources (L4) administration and information support (L4) have overlapping competencies.
  • Explore strategies to retain or expand existing business in the insurance/investment industry.
    > NVQ: Identify sales leads for follow up calls (L4), Sell financial products and services (L2-4), Contribute to financial services sales action plans (L4), Provide feedback on financial products and services (L4).
    > AQF: Coordinate, evaluate and improve customer service, (L4) Maintain customer database (L4), Maintain customer relationship (L4), Co-ordinate, evaluate and improve customer service (L4) and Implement a service support system (L4) Establish or review marketing, client services and supplier relationships (L4).
  • Determine risk exposure in order to manage the risk in a specific situation.
    > NVQ: Sell financial products and services (L2-4), Promote the organisations products and services (L3).
    > AQF: Establish client relationship and analyse needs (L4) and Develop, present and negotiate client solutions (L4).
  • Demonstrate skills and techniques required to build a relationship with a client in a financial services environment.
    > NVQ: Sell products and services over the telephone (L2, 3.)
    > AQF: Prospect for new clients (L4).
  • Apply knowledge of the sales cycle in wealth management.
    > NVQ: Sell products and services over the telephone.
    > AQF: Sell financial products and services (L4), Implement a sales plan (L4).

    Investments

    NVQ and AQF: There are no standards in the Qualifications researched for competencies associated with Collective Investment Schemes.


    Healthcare Benefits Administration

    There are no equivalent standards on the NVQ and AQF for the Healthcare Benefits standards.

    Personal Development
  • Manage time effectively to enhance productivity and enable a balanced lifestyle.
    > NVQ: Manage personal work priorities and professional development (L2).
  • Manage own work performance in relation to an organisation's performance management system.
    > NVQ: Contribute to the development of own performance (L2), Manage yourself (L2), Develop your own resources (L4), Maintain own professional development (Level Unspecified) in the Self Development functional grouping all have elements of setting work performance standards, identifying areas for development and improving work performance.
  • Describe how to manage workplace relationships.
    > NVQ: Maintain business relationships (L3), Develop and maintain business relations with introducers (L4), Establish And Maintain Productive Business Relationships (L4), Develop productive working relationships (L4), Develop positive working relationships with customers and colleagues (L3), Develop and maintain positive working relationships with other members of staff (L3), Develop and maintain positive working relationships with customers (L3), Develop and maintain positive working relationships (L4) and Create effective working relationships (L3) have similar outcomes across the standards.

    There do not appear to be any stand-alone standards that matched the following:
  • Research costs associated with marriage, birth, divorce and death in own circumstances.
  • Explain how to manage diversity in the workplace.
  • Apply knowledge of self and own situation to manage the risks resulting from change in the workplace.
  • Explain the impact of personal wellness on work performance.
  • Induct a new member into a team.
  • Apply the principles of situational leadership to a business unit.
  • Apply Return on Investment (ROI) theory and practice to a business unit.
  • Mentor a colleague to enhance the individual's knowledge, skills, values and attitudes in a selected career path.
  • Explain how to manage diversity in the workplace.
  • Identify causes of stress and techniques to manage it in the workplace.

    Management

    There are NVQ and AQF standards that match the following Unit Standards, but they are not packaged in the Qualifications researched. However, to some extent, several of the management competencies of the South African Unit Standards are met across the NVQ and AQF Qualifications:
  • Coach a team member in order to enhance individual performance in a work environment.
  • Apply the principles of situational leadership to a business unit.
  • Mentor a colleague to enhance the individual's knowledge, skills, values and attitudes in a selected career path.
  • Apply ROI theory to a business unit.
  • Apply the budget function in a business unit.

    > NVQ: Lead the work of teams and individuals to achieve their objectives (L3), Develop teams and individuals to enhance performance (L4), Manage the use of financial resources, Manage the performance of teams and individuals (L4) , Select personnel for activities (L4), Contribute to the development of teams and individuals (L4) , Coordinate the work activities of others for the achievement of organisational objectives (level unspecified) , Contribute to influencing change within the organisation (L4), Manage the use of physical resources (L4), Maintain activities to meet quality standards (L4).

    > AQF: The Organisational Skills Functional group includes standards: Contribute to resource planning with embedded competencies of knowledge requirements include: company policy and procedure, job specifications, work objectives, and responsibilities, relevant guidelines and legislation, observation skills, analysis of data, trend identification, reporting skills, written communication skills, and Work with Specialist and outsourced services which includes the competencies: features, compliance and reporting requirements of the relevant legislation, timeframe requirements for compliance reports for specialist services, relationship between specialist roles and organisational requirements, general knowledge of the roles of relevant specialists, organisational procedures for ensuring PS146 compliance or relevant legislation, organisational procedures for working with specialist services, communication and documentation requirements of specialists, communication, documentation, ability to assess validity and usefulness of information, teamwork, ability to effectively manage change and integrate new information and procedures.

    General long term insurance (life, pension funds, healthcare benefits administration)
  • Administer a Long-term claim.
    > NVQ: Authorise payments of claims against Long-term contracts (L3), Process claims against a Long-term contract (L2).
    > AQF: Process policy payments and terminations (L4) - this unit has various competencies including payment of Long-term claims.
  • Administer Long-Term employee benefits and medical scheme membership.
    Although the following standards on the NVQ and AQF are task focused there are overlapping competencies with the SA standard.
    > NVQ: Process member records (L3), validate and record member options and elections (L3), process applications for retirement benefits (L3), process applications for death benefits (L3), maintain member and scheme records (L4), communicate pensions information (L4), determine retirement benefits (L4), determine death benefits (L4), determine leavers' benefits (L4), settle benefits (L4).
    > AQF: Process complex superannuation benefits and/or insurance claims; Assist in meeting superannuation compliance requirements; Work within a defined benefit fund; Administer retirement income streams; Establish and customise complex employer accounts; Implement fund review practices; Establish and maintain fund or plan; Assess complex superannuation benefit and/or insurance claims.
    > Note: The standards only overlap as far as employee benefits with regard to pension funds. No standards were found on the AQF with regard to medical scheme membership.

    No corresponding standards were found within the qualifications researched for the following standards (Previous comparisons indicate that some of these may well exist, but they have not been packaged for the qualifications researched):
  • Explain credit life insurance.
  • Describe funeral insurance.
  • Demonstrate knowledge and application of the relationships between the Lifestyle Measurements (LSM) and Long-term Insurance.
  • Explain the roles of actuaries, underwriters and claims assessors in Long Term Insurance.

    Conclusion

    It is encouraging to note the synergies in terms of the competencies of three Qualifications if learners select a Long-term stream as the international Qualifications are not limited to Long- term Insurance outcomes.

    The differences lie primarily in:
    The core and key skills of the UK and Australian Qualifications provide skills that are essential in the financial services industry such as communication, team work, using it, etc and the electives branch to areas of specialistation. In the UK and Australia, the Qualifications can lead to competencies including but not limited to, banking, short term, long term, trustee, Pensions, sales and marketing, etc. They do not include competencies in the Healthcare Benefits or funeral funds.

    The core of the FETC: Long-term Insurance provides a general overview of the Insurance and Investments areas and then the electives provide specialisation knowledge in one of the eleven fields within the INSETA designations. The SA Qualification does not cover banking or accounting.

    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.

    There are more electives to choose from the personal development and management basket for South African learners. i.e. the focus is not limited to work based competencies, but to increasing competency of the learner as a whole person.

    Overall, the learners who follow the Long Term grouping in the international qualifications will have similar core competencies at similar levels to the learner exiting with this South African Qualification. However, the specialisation of the different UK and Australian fields of learning make the certificates more rigid and there may be a few gaps in terms of specialisation knowledge. 

  • ARTICULATION OPTIONS 
    This Qualification articulates horizontally with:
  • The FETC: Long-term Risk Assessment.
  • The FETC: Medical Claims Assessing.
  • The National Certificate in Wealth Management: Level 4.
  • The National Certificate in Financial Services Management Level 4.

    It articulates vertically with:
  • The National Certificate in Wealth Management: Level 5.
  • Management Qualifications at Level 5 depending on the admission requirements of specific Higher Education Institutions.

    Fundamental Competencies gained in Communication and Mathematical Literacy in this Qualification should enable the learner to access an appropriate industry Qualifications at NQF Level 5. 

  • 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.
  • Providers of the FETC: Medical Claims assessing must be accredited as providers with a relevant accredited ETQA.
  • Assessors should be in possession of a relevant insurance Qualification at NQF level 5 or higher. 

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

    NOTES 
  • A number of management Unit Standards have been included as electives as learners may be team leaders or supervisors. The standards will add value to the Qualification and ensure that learners in these positions are able to perform their management functions. 

  • UNIT STANDARDS: 
      ID UNIT STANDARD TITLE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
    Core  117141  Describe healthcare cover in South Africa  Level 3  NQF Level 03 
    Core  114983  Describe life insurance  Level 3  NQF Level 03 
    Core  117146  Indicate the scope of life insurance in South Africa  Level 3  NQF Level 03 
    Core  114960  Investigate the need to provide financially for own retirement  Level 3  NQF Level 03 
    Core  119478  Analyse the different products available in the Long-term Insurance industry and the benefits of each  Level 4  NQF Level 04 
    Core  118011  Analyze new developments reported in the media that could impact on long-term insurance  Level 4  NQF Level 04  10 
    Core  14991  Apply the law of contract to insurance  Level 4  NQF Level 04 
    Core  119676  Apply the skills of customer care in a specific work environment  Level 4  NQF Level 04 
    Core  13940  Demonstrate knowledge and application of ethical conduct in a business environment  Level 4  NQF Level 04 
    Core  14994  Demonstrate knowledge and understanding of insurable risk  Level 4  NQF Level 04 
    Core  113910  Describe disability insurance solutions in the context of financial planning  Level 4  NQF Level 04 
    Core  117137  Describe group insured benefits  Level 4  NQF Level 04 
    Core  14979  Describe issues of compliance or non-activity that could result in civil or criminal liability in terms of business law  Level 4  NQF Level 04 
    Core  119261  Describe the control of fraud in Long-term Insurance  Level 4  NQF Level 04 
    Core  113913  Investigate dread disease products and their place in wealth management  Level 4  NQF Level 04 
    Fundamental  8968  Accommodate audience and context needs in oral communication  Level 3  NQF Level 03 
    Fundamental  8969  Interpret and use information from texts  Level 3  NQF Level 03 
    Fundamental  8973  Use language and communication in occupational learning programmes  Level 3  NQF Level 03 
    Fundamental  8970  Write texts for a range of communicative contexts  Level 3  NQF Level 03 
    Fundamental  9015  Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems  Level 4  NQF Level 04 
    Fundamental  117127  Describe and apply the basic principles of personal income tax  Level 4  NQF Level 04 
    Fundamental  8974  Engage in sustained oral communication and evaluate spoken texts  Level 4  NQF Level 04 
    Fundamental  117156  Interpret basic financial statements  Level 4  NQF Level 04 
    Fundamental  117158  Investigate ways of managing financial risk in own lives  Level 4  NQF Level 04 
    Fundamental  8975  Read analyse and respond to a variety of texts  Level 4  NQF Level 04 
    Fundamental  9016  Represent analyse and calculate shape and motion in 2-and 3-dimensional space in different contexts  Level 4  NQF Level 04 
    Fundamental  8979  Use language and communication in occupational learning programmes  Level 4  NQF Level 04 
    Fundamental  7468  Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues  Level 4  NQF Level 04 
    Fundamental  8976  Write for a wide range of contexts  Level 4  NQF Level 04 
    Elective  9302  Access information in order to respond to client enquiries in a financial services environment  Level 3  NQF Level 03 
    Elective  117104  Administer a long term insurance claim  Level 3  NQF Level 03 
    Elective  117124  Administer basic asset related transactions in a Retirement Fund  Level 3  NQF Level 03 
    Elective  117136  Administer long term employee benefits and medical scheme membership  Level 3  NQF Level 03 
    Elective  117111  Apply knowledge of basic accounting principles to financial services  Level 3  NQF Level 03 
    Elective  114941  Apply knowledge of HIV/AIDS to a specific business sector and a workplace  Level 3  NQF Level 03 
    Elective  116966  Apply knowledge of self and own situation to manage risks resulting from change in the workplace  Level 3  NQF Level 03 
    Elective  113909  Coach a team member in order to enhance individual performance in work environment  Level 3  NQF Level 03 
    Elective  9303  Communicate verbally with clients in a financial environment  Level 3  NQF Level 03 
    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 
    Elective  12550  Demonstrate knowledge and understanding of the role functions and responsibilities of Trustees of Medical Schemes  Level 3  NQF Level 03 
    Elective  12547  Demonstrate knowledge and understanding of the role, functions and duties of trustees of Retirement Funds  Level 3  NQF Level 03 
    Elective  8990  Describe collective investment schemes  Level 3  NQF Level 03 
    Elective  114956  Describe funeral insurance  Level 3  NQF Level 03 
    Elective  114943  Describe how to manage workplace relationships  Level 3  NQF Level 03 
    Elective  117132  Explain basic economics  Level 3  NQF Level 03 
    Elective  9001  Explain basic transactions in the collective investment industry  Level 3  NQF Level 03 
    Elective  114972  Explain healthcare benefits administration in South Africa  Level 3  NQF Level 03 
    Elective  114932  Explain how to manage diversity in the workplace  Level 3  NQF Level 03 
    Elective  113907  Explain the impact of personal wellness on work performance  Level 3  NQF Level 03 
    Elective  113922  Explain the structure of the financial services industry in South Africa  Level 3  NQF Level 03 
    Elective  114966  Explain the types of compulsory statutory insurance in South Africa  Level 3  NQF Level 03 
    Elective  114946  Identify causes of stress and techniques to manage it in the workplace  Level 3  NQF Level 03 
    Elective  9000  Indicate how collective investment scheme portfolios are reported  Level 3  NQF Level 03 
    Elective  117128  Investigate the upside and downside business risk in hand held electronic devices.  Level 3  NQF Level 03 
    Elective  114984  Manage electronic mail in a business environment  Level 3  NQF Level 03 
    Elective  117133  Manage own work performance in relation to an organisation's performance management system  Level 3  NQF Level 03 
    Elective  117171  Manage time effectively to enhance productivity and enable a balanced lifestyle  Level 3  NQF Level 03 
    Elective  114979  Operate a computer workstation in a business environment  Level 3  NQF Level 03 
    Elective  119681  Research costs associated with marriage, birth, divorce and death in own circumstances  Level 3  NQF Level 03 
    Elective  114980  Use a presentation package to produce business documents  Level 3  NQF Level 03 
    Elective  114977  Use a spreadsheet package to produce and manage business documents  Level 3  NQF Level 03 
    Elective  114975  Use a web browser in a business environment  Level 3  NQF Level 03 
    Elective  114978  Use a word processing package to produce business documents  Level 3  NQF Level 03 
    Elective  113911  Use an electronic system as a tool in a financial services context  Level 3  NQF Level 03 
    Elective  117123  Analyse different group retirement products  Level 4  NQF Level 04 
    Elective  119677  Analyse healthcare funding in South Africa and the role of intermediaries in the sector  Level 4  NQF Level 04 
    Elective  119679  Analyse the Financial Services industry and the role of insurance in a business environment  Level 4  NQF Level 04 
    Elective  117120  Analyse the Pension Funds Act as it applies to the administration of retirement funds  Level 4  NQF Level 04 
    Elective  113927  Analyse the proposed National Health policy as a means of providing healthcare for the nation  Level 4  NQF Level 04 
    Elective  117122  Analyse the role of group retirement benefits in the insurance industry  Level 4  NQF Level 04 
    Elective  12154  Apply comprehension skills to engage oral texts in a business environment  Level 4  NQF Level 04 
    Elective  12155  Apply comprehension skills to engage written texts in a business environment  Level 4  NQF Level 04 
    Elective  113930  Apply industry knowledge to develop an investment strategy for a group retirement fund or medical scheme  Level 4  NQF Level 04 
    Elective  117126  Apply knowledge and insight into aspects of the Long Term Insurance Act, Act 52 of 1998  Level 4  NQF Level 04 
    Elective  117149  Apply knowledge and insight into the statutory cover afforded under the Compensation for Occupational Injuries and Diseases Act, 130 of 1993, as amended (COIDA)  Level 4  NQF Level 04 
    Elective  117118  Apply knowledge of the current Medical Schemes Act and the accompanying regulations  Level 4  NQF Level 04 
    Elective  113921  Apply knowledge of the sales cycle in wealth management  Level 4  NQF Level 04 
    Elective  114209  Apply Return on Investment (ROI) theory and practice to a business unit  Level 4  NQF Level 04 
    Elective  13941  Apply the budget function in a business unit  Level 4  NQF Level 04 
    Elective  13953  Apply the principles of situational leadership to a business unit  Level 4  NQF Level 04 
    Elective  117129  Apply the regulations for disclosure that are required as part of the financial sales process  Level 4  NQF Level 04 
    Elective  119262  Demonstrate knowledge and application of the relationship between Life Style Measurement (LSM) and Long-term insurance  Level 4  NQF Level 04 
    Elective  119682  Demonstrate knowledge and application of the Value Added Tax (VAT) Act 89 of 1991 as amended as it applies to insurance policies  Level 4  NQF Level 04 
    Elective  12167  Demonstrate knowledge and insight into the Capital Gains Tax Legislation as it applies to insurance and investment  Level 4  NQF Level 04 
    Elective  12166  Demonstrate knowledge and insight into the Collective Investment Schemes Act, 45 of 2003 (CICSA)  Level 4  NQF Level 04 
    Elective  14315  Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to insurance and investment products  Level 4  NQF Level 04 
    Elective  12164  Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002)  Level 4  NQF Level 04 
    Elective  113903  Demonstrate skills and techniques required to build a relationship with a client in a financial services environment  Level 4  NQF Level 04 
    Elective  118019  Describe managed care as it is applied in Medical Scheme Administration in South Africa  Level 4  NQF Level 04 
    Elective  118018  Describe the control of fraud in Healthcare Benefits Administration  Level 4  NQF Level 04 
    Elective  113931  Describe the main aspects of pre and post retirement planning  Level 4  NQF Level 04 
    Elective  15008  Determine risk exposure in order to manage the risk in a specific situation  Level 4  NQF Level 04 
    Elective  117241  Develop a business plan for a small business  Level 4  NQF Level 04 
    Elective  119678  Explain and apply the basic principles of the Estate Duty Act (45 of 1955)  Level 4  NQF Level 04 
    Elective  113916  Explain basic investment principles  Level 4  NQF Level 04 
    Elective  119260  Explain credit life insurance  Level 4  NQF Level 04 
    Elective  113923  Explain fiduciary responsibilities and the associated risks  Level 4  NQF Level 04 
    Elective  113928  Explain the application of the Promotion of Access to Information Act, 2 of 2002 and the Electronic Transactions and Communications Act, 25 of 2002, in Wealth Management  Level 4  NQF Level 04 
    Elective  113917  Explain the basic principles of asset management that apply to financial markets and insurance  Level 4  NQF Level 04 
    Elective  118014  Explain the cycle of a medical claim  Level 4  NQF Level 04 
    Elective  14506  Explain the Finance Intelligence Centre Act, Act 38 of 2001 and its implications for client relations  Level 4  NQF Level 04 
    Elective  117131  Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits  Level 4  NQF Level 04 
    Elective  113932  Explain the Medicines and Related Substances Control Amendment Act, 59 of 2003, as it impacts on medical schemes  Level 4  NQF Level 04 
    Elective  113919  Explain the options available for post retirement healthcare funding  Level 4  NQF Level 04 
    Elective  119259  Explain the roles of actuaries, underwriters, claims assessors and reinsurers in Long-term insurance  Level 4  NQF Level 04 
    Elective  117155  Explain the scope of the Compensation for Occupational Injuries and Diseases Act 130 of 1993 (COIDA)  Level 4  NQF Level 04 
    Elective  117215  Explain the use of coding in Healthcare Benefits Administration  Level 4  NQF Level 04 
    Elective  14319  Explore strategies to retain or expand existing business in the insurance/investment industry  Level 4  NQF Level 04 
    Elective  119264  Identify and explain trends and issues in the Long-term insurance market that present an abnormal risk  Level 4  NQF Level 04 
    Elective  119680  Indicate how different needs lead to the development of different investment products  Level 4  NQF Level 04 
    Elective  113920  Investigate possible funding options for investors exiting a group retirement fund  Level 4  NQF Level 04 
    Elective  117244  Investigate the possibilities of establishing and running a small business enterprise (SMME)  Level 4  NQF Level 04 
    Elective  113914  Investigate the range of options available for wealth management  Level 4  NQF Level 04 
    Elective  119675  Manage a business offering financial advice  Level 4  NQF Level 04 
    Elective  119265  Manage risk in own work environment  Level 4  NQF Level 04 
    Elective  114215  Mentor a colleague to enhance the individual`s knowledge, skills, values and attitudes in a selected career path  Level 4  NQF Level 04 
    Elective  118012  Research the Medical Scheme Administration sub-sector in South Africa  Level 4  NQF Level 04 
    Elective  113912  Use an electronic system to propose a financial solution  Level 4  NQF Level 04 
    Elective  12153  Use the writing process to compose texts required in the business environment  Level 4  NQF Level 04 


    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.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. Boitshepo Projects (Pty) Ltd 
    3. CENTRAL BUSINESS ACADEMY (PTY) LTD 
    4. COLLEGE OF CAPE TOWN 
    5. College of Cape Town - Central Office 
    6. Damelin (Pty) Ltd 
    7. Direct Axis 
    8. Entwise Investments (Pty) Ltd 
    9. Faisit (Pty) Ltd 
    10. Felix Risk Training Consultants 
    11. Intec College 
    12. Integrity Academy (Pty) Ltd 
    13. Intelligo Solutions Pty (Ltd) 
    14. Invuya Institute of Learning (Pty) Ltd 
    15. Isambulela Group Administrator Pty Ltd 
    16. KLM EMPOWERED HUMAN SOLUTIONS SPECIALISTS (PTY)LTD 
    17. Masifunde Training Centre (Pty) Ltd 
    18. Mission Point Trading 69 
    19. Moonstone Business School of Excellence (PTY) Ltd (previously known as PSG Konsult Academy) 
    20. North Link College 
    21. Octomate (Pty) Ltd 
    22. Sanlam Life Insurance Ltd 
    23. Sanlam Life Insurance 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.