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: 

Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers 
SAQA US ID UNIT STANDARD TITLE
230075  Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers 
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 5  Level TBA: Pre-2009 was L5 
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
14518  Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers  Level 5  Level TBA: Pre-2009 was L5  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended to promote an informed understanding of the financial services industry in order to ensure knowledgeable and informed workers in the sector. It requires knowledge of legislation that impacts on financial services in general and a specific sub sector in particular.

The qualifying learner is capable of:
  • Analysing the financial services industry in South Africa.
  • Interpreting recent or proposed changes to the regulatory environment of a selected sub-sector.
  • Interpreting changes in the professional environment.
  • Interpreting changes in the consumer environment.
  • Interpreting changes in the business environment. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners should be competent in Communication, Mathematical and Financial Literacy at NQF Level 4. 

    UNIT STANDARD RANGE 
    The range includes but is not limited to:
  • Historical factors include the nature of financial services, levels of education in the industry, ethics and disempowerment.
  • Current and future factors including the regulatory environment, changes in approaches to customer services, compliance and quality assurance rather than quality inspection. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse the financial services industry in South Africa. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The structure of the financial services industry in South Africa is analysed in terms of the kind of services provided and regulatory structures. 

    ASSESSMENT CRITERION 2 
    The synergies in the relationships between the various role players in the financial services industry are illustrated with examples. 

    SPECIFIC OUTCOME 2 
    Interpret current or proposed changes to the regulatory environment of a selected sub-sector. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The rationale for change in the regulatory environment is explained with reference to historical factors and current government policy. 

    ASSESSMENT CRITERION 2 
    The implications of non-compliance with the regulatory environment are explained in terms of financial and reputational risk and penalties for intermediaries, product providers and financial institutions. 

    SPECIFIC OUTCOME 3 
    Interpret changes in the professional environment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The roles of professional and industry bodies that operate in the financial services environment are analysed and assessed in terms of relevance in the current financial services environment. 

    ASSESSMENT CRITERION 2 
    The importance of ethical practices is discussed with reference to enforcement of industry standards. 

    ASSESSMENT CRITERION 3 
    The importance of continuing professional development for the learner within the financial services industry is explained with reference to growing professionalism and current trends. 

    SPECIFIC OUTCOME 4 
    Interpret changes in the consumer environment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The impact of the South African constitution on the current consumer environment is explained with reference to the right to information. 

    ASSESSMENT CRITERION 2 
    Changes in knowledge, attitudes and values of consumers are analysed and interpreted in terms of how these impact on the financial services industry. 

    ASSESSMENT CRITERION 3 
    Factors that have brought about change in the consumer environment are analysed using authentic examples. 

    ASSESSMENT CRITERION 4 
    Scenario planning is used to anticipate the potential implications of changes in the consumer environment and the possible industry response. 

    SPECIFIC OUTCOME 5 
    Interpret changes in the business environment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Innovations in technology that have changed the business environment are examined and assessed in terms of impact, cost and return on investment (ROI). 

    ASSESSMENT CRITERION 2 
    Different models of remuneration for financial service providers are discussed with reference to transparency and disclosure. 

    ASSESSMENT CRITERION 3 
    Current requirements for corporate governance are discussed with reference to the implications for a specific financial service entity. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • 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 IDENTIFYING 
    The learner is able to identify and solve problems in which responses show that responsible decisions using critical and creative thinking have been made in using scenario planning to anticipate the potential impact of changes in the consumer environment and in selecting a model of income generation for a selected business. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in order to select a model for income generation for a particular business. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations in explaining the interdependence of the different industry role players and the learner's own role in the broader structure. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use science and technology effectively and critically showing responsibility towards the environment and the health of others in examining innovations that have changed the business environment. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems in explaining the interrelationship between the role players in financial services and interpreting changes and their impact on the industry and the implications of non-compliance. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

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

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 14518, "Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers", Level 5, 6 credits.

    Search words:
  • Financial services. 

  • QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Fundamental  61529   National Certificate: Loss Adjusting  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  INSETA 
    Fundamental  57918   National Certificate: Short Term Insurance  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  INSETA 
    Fundamental  66611   National Certificate: Wealth Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  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. AFRICAN UNION SKILLS DEVELOPMENT PTY LTD 
    3. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    4. Boland Public FET College - Central Office 
    5. CKP Development Agency (Pty) Ltd. 
    6. COLLEGE OF CAPE TOWN 
    7. College of Cape Town - Central Office 
    8. False Bay College 
    9. Intec College 
    10. Invuya Institute of Learning (Pty) Ltd 
    11. Masifunde Training Centre (Pty) Ltd 
    12. North Link College 
    13. Old Mutual Life Assurance Company South Africa 
    14. Ray Strodl Consulting (Pty) Ltd 
    15. Ripple Effect 4 (Pty) Ltd 
    16. Sanlam Life Insurance Ltd 
    17. Sanlam Life Insurance Ltd. 
    18. South Cape College 
    19. South Cape Public FET College - Central Office 
    20. The Institute of Health Risk Managers (Pty) Ltd 
    21. Umfolozi FET College - Central Office 
    22. 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.