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

Apply the regulations for disclosure that are required as part of the financial sales process 
SAQA US ID UNIT STANDARD TITLE
117129  Apply the regulations for disclosure that are required as part of the financial sales process 
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 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
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
12332  Demonstrate knowledge and insight into the Policyholder protection legislation  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This unit standard requires detailed knowledge of the requirements for disclosure in the Policyholder Protection Regulations. It is intended for learners who give financial advice and will be useful for learners in service centres, telesales and intermediaries who deal directly with clients.

The qualifying learner is capable of:
  • Explaining disclosure as required in a financial sales process.
  • Demonstrating the disclosure process during a sales interview.
  • Producing documents to prove credentials and confirm the required disclosure.
  • Explaining the consequences of non compliance with regulations. 

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

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is
  • The intermediary's role and responsibilities include the dos and don'ts in the sales process in terms of FAIS. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain disclosure as required in a financial sales process. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of disclosure is explained as applied in a financial services sub sector. 

    ASSESSMENT CRITERION 2 
    Information that is required to be disclosed is identified and an indication is given of when and why disclosure is necessary. 

    ASSESSMENT CRITERION 3 
    Information that is required to be disclosed is identified for a specific sub sector. 

    SPECIFIC OUTCOME 2 
    Demonstrate the disclosure process during the sales interview. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Ways in which information should be disclosed are explained and an indication is given of the kind of evidence produced as part of the process. 

    ASSESSMENT CRITERION 2 
    The intermediary's role and responsibilities during the sales process are demonstrated in three different scenarios. 

    ASSESSMENT CRITERION 3 
    Ways in which an intermediary may confirm the process followed during a sales interview are demonstrated for a specific sub sector. 

    ASSESSMENT CRITERION 4 
    Disclosures required if a policy or relationship is to be terminated or replaced are explained with examples. 

    SPECIFIC OUTCOME 3 
    Produce documents to prove credentials and confirm the required disclosures. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Statutory notices applicable to a sub sector are sourced in the required format. 

    ASSESSMENT CRITERION 2 
    Written documents required after the sale are identified and an indication is given of who is responsible for issuing the documents within a specific timeframe. 

    ASSESSMENT CRITERION 3 
    Additional documentation required for disclosure in terms of industry codes of conduct are identified for a specific sub sector. 

    ASSESSMENT CRITERION 4 
    Records that an intermediary is required to keep are produced for three different policy holders. 

    SPECIFIC OUTCOME 4 
    Explain the consequences of non-compliance with regulations. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Avenues available to policy holders in cases of non disclosure are identified for a specific sub sector. 

    ASSESSMENT CRITERION 2 
    The legal consequences of non disclosure for the intermediary are explained with examples. 

    ASSESSMENT CRITERION 3 
    Industry related consequences of non disclosure are explained for a specific sub sector. 


    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 ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems by recognising the consequences of non disclosure. 

    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 has replaced 12332 which was "Demonstrate knowledge and insight into the Policyholder protection legislation", Level 4 with 2 credits 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  66609   Further Education and Training Certificate: Retail Insurance  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  93997   National Certificate: Contact Centre and Business Process Outsourcing Support  Level 3  NQF Level 03  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  66611   National Certificate: Wealth Management  Level 5  NQF Level 05  Passed the End Date -
    Status was "Reregistered" 
    2018-12-07  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    3. Alcari Learning Centre (Pty) Ltd 
    4. BATOHI CONSULTING T/A EUREKA TALENT SOLUTIONS 
    5. BC TRAINING ACADEMY 
    6. Boland Public FET College - Central Office 
    7. BRC Solutions (Pty) Ltd 
    8. BRIGHT IDEA PROJECTS 447 PTY LTD T/A MIND -THE- GAP 
    9. CAPRICON TVET COLLEGE 
    10. CBM TRAINING PTY LTD 
    11. CKP Development Agency (Pty) Ltd. 
    12. College of Cape Town - Central Office 
    13. CUSTOMER CENTRIC SOLUTIONS PTY LTD 
    14. De Vries Management & Training Services cc 
    15. DIBANISA LEARNING 
    16. DSBI (Pty) Ltd 
    17. EJW Financial Services (Pty) Ltd 
    18. EKURHULENI EAST COLLEGE 
    19. Elangeni College for FET - Pinetown Campus 
    20. Executive People Development Solutions (Pty) Ltd 
    21. Faisit (Pty) Ltd 
    22. Intec College 
    23. Intelligo Solutions Pty (Ltd) 
    24. Invuya Institute of Learning (Pty) Ltd 
    25. Majuba FET College - Central Office 
    26. Masifunde Training Centre (Pty) Ltd 
    27. Milpark Education (Pty) Ltd (previously known as Milpark Business School) 
    28. Northlink College - Central Office 
    29. Octomate (Pty) Ltd 
    30. Old Mutual Life Assurance Company South Africa 
    31. Outsurance Insurance Company Ltd 
    32. QUALITY SOLUTIONS 
    33. Ray Strodl Consulting (Pty) Ltd 
    34. Ripple Effect 4 (Pty) Ltd 
    35. RJM Educational Consulting PTY LTD 
    36. Sanlam Life Insurance Ltd 
    37. Sanlam Life Insurance Ltd. 
    38. SMART THINKERS SKILLS 
    39. South Cape Public FET College - Central Office 
    40. South West Gauteng College - Central Office 
    41. The Institute of Health Risk Managers (Pty) Ltd 
    42. TSHIREDO TRAINING ACADEMY CC 
    43. Tshwane South College for (ECD Academy) 
    44. Universal Healthcare Services (Pty) Ltd 



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