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

Further Education and Training Certificate: Wealth Management 
SAQA QUAL ID QUALIFICATION TITLE
66613  Further Education and Training Certificate: Wealth Management 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
The individual Primary or Delegated Quality Assurance Functionary for each Learning Programme recorded against this qualification is shown in the table at the end of this report.  SFAP - Sub-framework Assignment Pending 
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  150  Level 4  NQF Level 04  Regular-Unit Stds Based 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Passed the End Date -
Status was "Reregistered" 		 SAQA 091/21  2021-07-01  2023-06-30 
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 qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:

The FETC: Wealth Management is a generic Qualification in the management and creation of wealth that builds the introductory knowledge, skills attitudes and values required for learners to operate ethically and responsibly as Intermediaries and Administrators, and to respond to the challenges of the economic environment and the changing nature of the highly regulated Financial Services Industry. It is designed to meet the needs of learners in a variety of positions including Trustees and Principal Officers of retirement funds and medical schemes and Trainee Financial Planners.

The FETC: Wealth Management covers structured, low risk, cash backed investment or guaranteed products for conservative portfolios including life, disability, health events (dread disease and personal accident) and funeral cover. It provides a holistic introduction to Wealth Management and Wealth Creation and is a building block for the National Certificate: Wealth Management: Level 5. It should develop individuals who have a basic understanding of economics, asset management, investment principles, financial markets, risk (personal and financial) and the need to provide for financially for retirement. It should add value to the qualifying learner in terms of enrichment of the person, status, licensing and recognition.

The Qualification is structured in such a way that it exposes learners to generic competencies required in the management and creation of wealth including Long-Term Insurance (Life, Medical Scheme Administration, and Retirement Funds), Short Term Insurance and the Collective Investments and allows for specialisation to meet the needs of different work roles. The electives make provision for different streams of specialisation. It provides a balanced learning experience and an opportunity for learners to apply academic skills in relation to the workplace.

Rationale:

The National Certificate in Financial Services: Wealth Management: NQF Level 4 expires in February 2007. The qualification has been reviewed and expanded to meet the needs of learners in a variety of positions in the Financial Services Sector. The FETC: Wealth Management replaces the National Certificate in Financial Services: Wealth Management: NQF Level 4.

The FETC: Wealth Management combines Long-Term Insurance (including Retirement Funds, and Medical Schemes), Collective Investment Schemes and other aspects of investment. The Qualification is a holistic introduction to Wealth Management and Wealth Creation. It includes Unit Standards for aspiring Trainee Financial Planners, Intermediaries, Trustees and Principal Officers of Medical Schemes and Retirement Funds and some Short-Term Insurance Unit Standards for Intermediaries who advise on both long and short-term products. It is a building block for the National Certificate: Wealth Management: Level 5.

The FETC: Wealth Management is intended for:
  • Learners who require licensing in Long-Term Category A, generally intermediaries who sell assistance policies including funeral policies in terms of the current Determination of Fit and Proper Requirements for Financial Services providers.
  • Learners who require licensing in Long-Term Category B, generally intermediaries selling risk policies (death, disability and health events) and guaranteed investment/savings, recurring policies and annuities other than single premium annuities and excluding products marketed as investment or savings policies in terms of the current Determination of Fit and Proper Requirements for Financial Services providers.
  • Intermediaries who run their own financial planning practices and who offer advice on Short-Term Personal Lines and Business Insurance and who also advise on Long-Term Categories A and/or B in terms of the current Determination of Fit and Proper Requirements for Financial Services providers.
  • Trustees and Principal Officers of Retirement Funds or Medical Schemes.
  • Learners who have a School-Leaving Certificate and are entering the Insurance and investment Industry for the first time.
  • Learners in administrative positions and sales in Collective Investment Scheme Managers and Medical Schemes who do not provide advice.
  • Broker Consultants and learners in Call Centres who give advice on Long-Term Category A and/or B products in terms of the current Determination of Fit and Proper Requirements for Financial Services providers.
  • Administrators in financial services organisations.
  • Trainee Financial Planners who seek registration with the Financial Planning Institute.

    The Qualification will be useful for Internal Broker Consultants, Financial Services Call Centre Agents (Inbound and Outbound), Personal Benefits Agents, Corporate Benefits Agents, Intermediaries, Client Service Providers, Sales and Marketing Agents, Life Administration Agents, Administrators in Collective Investment Managers, Retirement Fund Administrators, Trainee Financial Planners, Trustees of retirement funds or medical schemes, Principal Officers of retirement funds or medical schemes, Administration staff dealing with and intermediaries, Business development consultants and Agents.

    Note that:

    Intermediaries who need a level 5 qualification for licensing in Category C under the Financial Advisory and Intermediary Services Act (FAIS) including Intermediaries who sell single premium retirement annuities, preservation fund policies and other insurance contracts (other than those mentioned in Categories A and B) and Medical Scheme Intermediaries require a Level 5 Qualification and could do the National Certificate: Wealth Management: Level 5. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 3.

    Recognition of Prior Learning:
  • 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.

    Access to the qualification:

    There is open access to this Qualification bearing in mind the Learning Assumed to be in Place. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    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 150 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 45 credits all of which are compulsory.

    Elective Component:

    The wide range of Unit Standards that may be selected as Electives in this qualification allows learners to achieve a qualification that is relevant to the work that they do and enables Intermediaries to meet the requirements of the Financial Services Board (FSB) for licensing purposes.

    The specializations are intended as a guide and Unit Standards may be selected from the complete set of Electives. Learners should select Unit Standards to the value of 37 credits that are appropriate to their work roles. These may not necessarily be part of a specific specialisation.

    In the Elective Component there are Unit Standards that deal specifically with legislation applicable to different work roles. Learners who need to have detailed knowledge of specific Acts should include these Unit Standards as Electives. In addition application of knowledge of legislation has been included in the Unit Standards wherever it is relevant so that knowledge about legislation is integrated rather than taught in isolation.
  • The FETC: Wealth Management allows specialization for:
    > Intermediaries Long-Term Category A and B and Short Term Insurance and Trainee Financial Planners.
    > Trustees and Principal Officers of Retirement Funds.
    > Retirement Fund Administration.
    > Trustees and Principal Officers of Medical Schemes.
    > Medical Scheme Administration.
    > Collective Investments.

    Intermediaries Long-Term Category A and B and Short Term Insurance and Trainee Financial Planners (total 133 credits):
  • It is recommended that Learners who advise on Short Term Insurance as well as Long-Term Category A and B products to complete the Unit Standards from this specialisation:
    > ID 243137: "Demonstrate skills and techniques required to build a relationship with a client in a financial services environment", NQF Level 4, 3 Credits.
    > ID 243143: "Use an electronic system to propose a financial solution", NQF Level 4, 3 Credits.
    > ID 243129: "Describe collective investment schemes", NQF Level 3, 2 Credits.
    > ID 243135: "Explain common transactions in a collective investment scheme portfolio", NQF Level 3, 2 Credits.
    > ID 243138: "Explain options for healthcare cover in order to make an informed decision", NQF Level 4, 2 Credits.
    > ID 243156: "Analyse the National Health Policy as a means of providing healthcare for the nation", NQF Level 4, 4 Credits.
    > ID 243150: "Investigate possible funding options for investors exiting a group retirement fund", NQF Level 4, 2 Credits.
    > ID 243131: "Describe disability insurance solutions in the context of financial planning", NQF Level 4, 4 Credits.
    > ID 243136: "Describe the main aspects of pre and post retirement planning", NQF Level 4, 3 Credits.
    > ID 243139: "Investigate dread disease products and their place in wealth management", NQF Level 4, 2 Credits.
    > ID 243132: "Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to Long-Term insurance and investment products NQF", Level 4, 2 Credits.
    > ID 243145: "Demonstrate knowledge and understanding of the investment strategy of a selected group retirement fund", NQF Level 4, 2 Credits.
    > ID 242654: "Determine risk exposure in order to manage the risk in a specific situation", NQF Level 4, 2 Credits.
    > ID 114985: "Indicate how different needs lead to the development of different Financial Service products", NQF Level 3, 4 Credits.
    > ID 120124: "Demonstrate knowledge of insurable risk", NQF Level 4, 3 Credits.
    > ID 120128: "Apply the law of contract to insurance", NQF Level 4, 3 Credits.
    > ID 114956: "Describe funeral insurance", NQF Level 3, 2 Credits.
    > ID 119677: "Analyse healthcare funding in South Africa and the role of intermediaries in the sector", NQF Level 4, 4 Credits.
    > ID 117141: "Describe healthcare cover in South Africa", NQF Level 3, 2 Credits.
    > ID 118018: "Describe the control of fraud in Healthcare Benefits Administration", NQF Level 4, 8 Credits.
    > ID 118019: "Describe managed care as it is applied in Medical Scheme Administration in South Africa", NQF Level 4, 6 Credits.
    > ID 123419: "Demonstrate knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits NQF", Level 3, 2 Credits.
    > ID 117137: "Describe group insured benefits", NQF Level 4, 2 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 119261: "Describe the control of fraud in Long-term Insurance", NQF Level 4, 3 Credits.
    > ID 119675: "Manage a business offering financial advice", NQF Level 4, 2 Credits.
    > ID 119478: "Analyse the different products available in the Long-term Insurance industry and the benefits of each NQF", Level 4, 5 Credits.
    > ID 120129: "Demonstrate knowledge and understanding of financial interactions of insurers, underwriting managers and intermediaries in short term insurance", NQF Level 4, 2 Credits.
    > ID 120022: "Apply knowledge and understanding of personal accident insurance", NQF Level 4, 2 Credits.
    > ID 120114: "Apply technical knowledge and understanding of fidelity insurance as a means of managing people related financial risk", NQF Level 4, 3 Credits.
    > ID 114966: "Explain the types of compulsory statutory insurance in South Africa", NQF Level 3, 2 Credits.
    > ID 242584: "Demonstrate knowledge and understanding of the Financial Advisory and Intermediary Services Act 2002 (FAIS) (Act 37 of 2002) as it impacts on a specific financial services sub-sector", NQF Level 4, 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 117244: "Investigate the possibilities of establishing and running a small business enterprise (SMME)", NQF Level 4, 3 Credits.
    > ID 117241: "Develop a business plan for a small business", Level 4, 5 Credits.
    > ID 120121: "Apply technical knowledge and understanding of the cover provided under a Short Term Multi-Peril Insurance policy", NQF Level 4, 5 Credits.
    > ID 120132: "Apply knowledge of personal liability insurance", NQF Level 4, 3 Credits.
    > ID 120115: "Apply technical knowledge and understanding of business insurance", NQF Level 4, 10 Credits.
    > ID 120116: "Apply technical knowledge and skill in order to underwrite professional indemnity insurance", Level 4, 5 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 120118: "Underwrite a standard risk in short term personal insurance", NQF Level 4, 6 Credits.


    Trustees and Principal Officers of Retirement Funds (total 31 credits):
  • It is recommended that Trustees and Principal Officers of Retirement Funds select Unit Standards from the following specialization:
    > ID 243137: "Demonstrate skills and techniques required to build a relationship with a client in a financial services environment", NQF Level 4, 3 Credits.
    > ID 243129: "Describe collective investment schemes", NQF Level 3, 2 Credits.
    > ID 243152: "Explain fiduciary responsibilities and the associated risks", NQF Level 4, 2 Credits.
    > ID 243150: "Investigate possible funding options for investors exiting a group retirement fund", NQF Level 4, 2 Credits.
    > ID 243145: "Demonstrate knowledge and understanding of the investment strategy of a selected group retirement fund", NQF Level 4, 2 Credits.
    > ID 114985: "Indicate how different needs lead to the development of different Financial Service products", NQF Level 3, 4 Credits.
    > ID 120128: "Apply the law of contract to insurance", NQF Level 4, 3 Credits.
    > ID 123420: "Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds", NQF Level 3, 2 Credits.
    > ID 123417: "Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds", NQFLevel 3, 3 Credits.
    > ID 123419: "Demonstrate knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits", NQF Level 3, 2 Credits.
    > ID 117137: "Describe group insured benefits", NQF Level 4, 2 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.

    Trustees and Principal Officers of Medical Schemes (total 41 credits):
  • It is recommended that Trustees and principal Officers of Retirement Funds select Unit Standards from the following specialization:
    > ID 243137: "Demonstrate skills and techniques required to build a relationship with a client in a financial services environment", NQF Level 4, 3 Credits.
    > ID 243129: "Describe collective investment schemes", NQF Level 3, 2 Credits.
    > ID 243152: "Explain fiduciary responsibilities and the associated risks NQF", Level 4, 2 Credits.
    > ID 243140: "Demonstrate knowledge and understanding of the investment strategy of a selected medical scheme", NQF Level 4, 2 Credits.
    > ID 114985: "Indicate how different needs lead to the development of different Financial Service products NQF", Level 3, 4 Credits.
    > ID 120128: "Apply the law of contract to insurance", NQF Level 4, 3 Credits.
    > ID 119677: "Analyse healthcare funding in South Africa and the role of intermediaries in the sector", NQF Level 4, 4 Credits.
    > ID 123421: "Demonstrate knowledge and understanding of the role and responsibilities of Trustees of Medical Schemes", NQF Level 3, 2 Credits.
    > ID 117141: "Describe healthcare cover in South Africa", NQF Level 3, 2 Credits.
    > ID 118018: "Describe the control of fraud in Healthcare Benefits Administration", NQF Level 4, 8 Credits.
    > ID 118019: "Describe managed care as it is applied in Medical Scheme Administration in South Africa", NQF Level 4, 6 Credits.
    > ID 117118: "Apply knowledge of the current Medical Schemes Act and the accompanying regulations", NQF Level 4, 3 Credits.

    Medical Schemes (total 72 credits):
  • It is recommended that Learners in Medical Scheme Administrators and trainee medical Intermediaries should include Unit Standards from the following cluster as Electives.
    > ID 243137: "Demonstrate skills and techniques required to build a relationship with a client in a financial services environment", NQF Level 4, 3 Credits.
    > ID 243138: "Explain options for healthcare cover in order to make an informed decision", NQF Level 4, 2 Credits.
    > ID 243156: "Analyse the National Health Policy as a means of providing healthcare for the nation", NQF Level 4, 4 Credits.
    > ID 243140: "Demonstrate knowledge and understanding of the investment strategy of a selected medical scheme", NQF Level 4, 2 Credits.
    > ID 243149: "Explain the Medicines and Related Substances Control Amendment Act, 59 of 2002, as it impacts on medical schemes", NQF Level 4, 3 Credits.
    > ID 242654: "Determine risk exposure in order to manage the risk in a specific situation NQF", Level 4, 2 Credits.
    > ID 9302: "Access information in order to respond to client enquiries in a financial services environment", NQF Level 3, 2 Credits.
    > ID 9303: "Communicate verbally with clients in a financial environment", NQF Level 3, 3 Credits.
    > ID 114985: "Indicate how different needs lead to the development of different Financial Service products", NQF Level 3, 4 Credits.
    > ID 120128: "Apply the law of contract to insurance", NQF Level 4, 3 Credits.
    > ID 119677: "Analyse healthcare funding in South Africa and the role of intermediaries in the sector", NQF Level 4, 4 Credits.
    > ID 123421: "Demonstrate knowledge and understanding of the role and responsibilities of Trustees of Medical Schemes", NQF Level 3, 2 Credits.
    > ID 117141: "Describe healthcare cover in South Africa", NQF Level 3, 2 Credits.
    > ID 118018: "Describe the control of fraud in Healthcare Benefits Administration", NQF Level 4, 8 Credits.
    > ID 118019: "Describe managed care as it is applied in Medical Scheme Administration in South Africa", NQF Level 4, 6 Credits.
    > ID 118012: "Research the Medical Scheme Administration sub-sector in South Africa", NQF Level 4, 5 Credits.
    > ID 117215: "Explain the use of coding in Healthcare Benefits Administration", NQF Level 4, 4 Credits.
    > ID 114966: "Explain the types of compulsory statutory insurance in South Africa", NQF Level 3, 2 Credits.
    > ID 118014: "Explain the cycle of a medical claim", NQF Level 4, 2 Credits.
    > ID 118005: "Investigate quality and control mechanisms in a business unit", NQF Level 4, 2 Credits.
    > ID 119676: "Apply the skills of customer care in a specific work environment", NQF Level 4, 4 Credits.
    > ID 117118: "Apply knowledge of the current Medical Schemes Act and the accompanying regulations", NQF Level 4, 3 Credits.

    Collective Investments (total 59 credits):

    It is recommended that Learners in Collective Investment Managers should include Unit Standards from the following cluster as Electives:
    > ID 243130: "Explain the basic principles of asset management that apply to financial markets and insurance", NQF Level 4, 4 Credits.
    > ID 243137: "Demonstrate skills and techniques required to build a relationship with a client in a financial services environment", NQF Level 4, 3 Credits.
    > ID 243129: "Describe collective investment schemes", NQF Level 3, 2 Credits.
    > ID 243135: "Explain common transactions in a collective investment scheme portfolio", NQF Level 3, 2 Credits.
    > ID 243141: "Indicate how collective investment scheme portfolios are reported", NQF Level 3, 2 Credits.
    > ID 243155: "Demonstrate knowledge and insight into the Collective Investment Schemes Control Act, 45 of 2002 (CISCA)", NQF Level 4, 2 Credits.
    > ID 2243152: "Explain fiduciary responsibilities and the associated risks", NQF Level 4, 2 Credits.
    > ID 243150: "Investigate possible funding options for investors exiting a group retirement fund", Level 4, 2 Credits.
    > ID 243151: "Describe the sales function in a Collective Investment Scheme Manager or Linked Investment Service Provider (Lisp) ", NQF Level 4, 4 Credits.
    > ID 243147: "Outline the structure of the collective investment industry", NQF Level 3, 2 Credits.
    > ID 9302: "Access information in order to respond to client enquiries in a financial services environment", NQF Level 3, 2 Credits.
    > ID 9303: "Communicate verbally with clients in a financial environment", NQF Level 3, 3 Credits.
    > ID 114985: "Indicate how different needs lead to the development of different Financial Service products", NQF Level 3, 4 Credits.
    > ID 119680: "Indicate how different needs lead to the development of different investment products", NQF Level 4, 5 Credits.
    > ID 12153: "Use the writing process to compose texts required in the business environment", NQF Level 4, 5 Credits.
    > ID 117108: "Administer basic asset related transactions", NQF Level 3, 5 Credits.
    > ID 117116: "Administer basic client related transactions in a Collective Investment Scheme Manager or Linked Investment Service Provider (LISP)", NQF Level 3, 10 Credits.

    Retirement Funds (total 12 credits):
  • It is recommended that Learners in Retirement Fund Administration should include Unit Standards from the following cluster as Electives:
    > ID 243156: "Analyse the National Health Policy as a means of providing healthcare for the nation", NQF Level 4, 4 Credits.
    > ID 243152: "Explain fiduciary responsibilities and the associated risks", NQF Level 4, 2 Credits.
    > ID 243150: "Investigate possible funding options for investors exiting a group retirement fund", NQF Level 4, 2 Credits.
    > ID 243145: "Demonstrate knowledge and understanding of the investment strategy of a selected group retirement fund", NQF Level 4, 2.
    > ID 123420: "Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds", NQF Level 3, 2. 
    		•

    EXIT LEVEL OUTCOMES 
    The focus of the FETC: Wealth Management is on fundamental knowledge of wealth creation and wealth management, 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 Wealth Management 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.

    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 the creation or management of wealth.

    2. Managing personal finances.

    3. Applying knowledge of economics, the financial services industry, legislation, ethics and compliance in a Wealth Management environment/situation.

    Critical Cross-Field Outcomes:

    The learner is able to demonstrate ability to:
  • Identify and solve well-defined problems of a routine and non-routine and familiar nature within the context of Wealth Management in which responses show that responsible decisions have been made, adjust common solutions to meet changes in the problem and motivate the changes within own limit of authority and license.
  • 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 him/herself and his/her 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. She/he is required to complete research assignments timeously and to demonstrate insight into different aspects of Wealth Management.
  • 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 technology effectively and critically showing responsibility towards the environment and the health of others in that the Financial Services environment is technology driven and very few activities take place without the application of technology.
  • Demonstrate an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation in demonstrating insight into current affairs in the sector, understanding the consequences of non-compliance and the interrelationship between the various indicators and trends in the market.
  • 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:
    > Reflecting on and exploring a variety of strategies to learn more effectively in order to become an informed worker in Wealth Management.
    > Being culturally and aesthetically sensitive across a range of social contexts in dealing with diverse people in the workplace including clients and co-workers.

    Before The FETC: Wealth Management 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. 
    		•

    ASSOCIATED ASSESSMENT CRITERIA 
    1:
  • Current events and developments related to wealth management 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 Wealth Management 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.

    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.
  • Knowledge of financial risk is applied and managed in own life.

    3:
  • Methods, procedures and techniques of Wealth Creation and Wealth Management are explained and applied with reference to specific company policy, industry practices and in compliance with relevant legislation and the needs of the client.
  • Information is gathered, analysed, evaluated, interpreted, recorded and presented and decisions are explained within own authority limits, license 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 as enshrined in the South African Constitution.
  • Knowledge of legislation is applied to a specific work role.
  • A solution is appropriate to a selected client's needs is proposed and substantiated in line with licensing requirements, an agreed mandate, relevant service agreements and an organisation's customer service policy.
  • Risks associated with non-compliance or non-activity that could result in liability are identified in a proposed solution and/or client interaction.

    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 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.

    Assessment should take place in an authentic context as far as is possible. 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. 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. 
    		•

    INTERNATIONAL COMPARABILITY 
    Sites researched:
  • 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

    > Chartered Insurance Institute - UK: The Chartered Insurance Institute (CII) is dedicated to promoting higher standards of competence and integrity through the provision of relevant qualifications for employees working at all levels in the insurance and financial services industry and across all sectors of the industry in the United Kingdom. With 90,000 members, the Chartered Insurance Institute is the world's largest professional body dedicated to the insurance, savings and financial services sector. Its broad portfolio of education and qualification services is continually expanding to meet the changing requirements of companies and individuals across the financial services community. http://www.cii.co.uk
  • Australia:

    > 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 Australian Qualifications Framework (AQF). http://www.ntis.gov.au
  • Africa:

    There are currently no insurance and investment/financial services Qualifications or Unit Standards available in an African Union (AU) or SADC country to use for comparison. The following websites were investigated:

    > Botswana Training Authority (BOTA). http://www.bota.org.bw
    > The Namibia Training Authority (NTA). http://www.nta.com.na/index.php?option=com_frontpage&Itemid=1
  • Background and rationale for the choice of countries for comparison:

    South Africa has a highly regulated and sophisticated financial services sector. In comparing this Qualification to those of other countries it is necessary to select countries where the financial services sector is comparable to that of South Africa. It is not possible to use an African country for the comparison, but research has shown that students from the African Continent use the Insurance Institute of South Africa or British Based institutions for accreditation through distance learning. The United Kingdom was therefore an obvious choice for the comparison. Australia has been used for comparison of previous insurance and investment Qualifications and was therefore a logical choice for consistency.
  • Comparison: United Kingdom

    The Chartered Insurance Institute (CII) qualifications are designed to underpin job-specific and at-work training.

    A previous comparison for The National Certificate: Wealth Management Level 5 was compared to the Chartered Insurance Institute's Advanced Diploma in Insurance. The Diploma in Insurance is the progression towards the Advanced Diploma and it was therefore logical to use this diploma course of study for the comparison of The National Certificate: Wealth Management Level 4.

    Chartered Insurance Institute's Diploma in Insurance is a technical and supervisory qualification for insurance staff working across all sectors of the industry (and the logical progression from the Certificate in Insurance). The Diploma provides a firm grounding in insurance fundamentals and enables students to build towards advanced technical knowledge, thereby ensuring they have the means to function effectively in a challenging environment. The Diploma covers the full range of insurance topics, ranging from the fundamentals of insurance practice and legislation through to personal lines product families, life insurance classes of commercial insurance and specialisations such as aviation, marine and the North American market. The Diploma also provides life administrators with a dedicated study path, developing a broad understanding of key technical aspects of the sector. The Diploma is modular in structure, with candidates able to select units of study according to their preference and career requirements.

    Each unit has a credit value and the accumulation of the stipulated number of credits leads to the award of the Diploma and entitles the holder to apply to use the designation 'Dip CII®' (Chartered Insurance Institute membership and Continuing Professional Development requirements apply). Successful candidates also satisfy the entry requirements of the next qualification in the framework of Chartered Insurance Institute qualifications, the Advanced Diploma in Insurance.

    To achieve the Diploma students must accumulate 110 credits. At least 70 of these must be obtained by passing units at either Diploma or Advanced Diploma level, with a minimum of 30 credits coming from an Advanced Diploma unit.

    In order to complete the Diploma candidates must pass the following compulsory units:

    > Insurance Practice and Regulations or *Insurance Legal and *Regulatory and General Insurance Business (*Certificate in Insurance Units).
    > Business practice or *Business and Economics (*Advanced Diploma in Insurance Unit).
    > Insurance Law.

    Aside from the compulsory requirements students are free to select units from across all the Chartered Insurance Institute's insurance qualifications: Award in Insurance, Certificate in Insurance, Diploma in Insurance and Advanced Diploma in Insurance. Students are required to select one unit from the Advanced Diploma without needing to meet the Advanced Diploma entry requirements. Should they wish to select more than one unit from the Advanced Diploma they must first meet the entry requirements. This approach has been adopted to provide students with maximum flexibility, enabling them to choose different units from the 46 currently available across the Chartered Insurance Institute's qualifications.

    The units of study selected for comparison are:

    > Diploma Level:

    > (P01): Insurance practice and regulation - Compulsory unit.
    > (P04): Business practice - Compulsory unit.
    > (P05): Insurance law - Compulsory unit.
    > (P12): Long-term business.
    > (P17): Operational management.
    > (510): Risk, regulation and capital adequacy 30 per unit.

    > Certificate Level:

    > (IF7): Healthcare insurance products.

    > Financial Services Suite: These units do not form part of the Diploma but were recommended for comparison by the Chartered Insurance Institute due to the nature of the competencies included. Wealth management products include products relating to the creation and management of wealth including combination insurance and investment products and retirement products.

    > G60: Investment portfolio management.
    > G30: Pensions.

    > (P01): Insurance practice and regulation - Compulsory unit.
    Objective: To develop in the candidate:
    > A knowledge and understanding of market principles and practice.
    > A knowledge and understanding of the main classes of business and the cover.
    > Provided under each.
    > A knowledge and understanding of the regulation of the insurance market.
    > A knowledge and understanding of procedures used to underwrite insurance.
    > A knowledge and understanding of the operation of general claims procedures.
    > The ability to apply knowledge and skills to simple situations.

    The outcomes of the South African Unit Standard, Demonstrate knowledge and application of ethical conduct in a business environment, correlate in terms of competencies relating to ethics and business practices. The Chartered Insurance Institute module and the South African Unit Standard, Explain basic investment principles, cover areas of risk associated with investment.

    > (P04): Business practice - Compulsory unit.
    Objective: To develop in the candidate:
    > A knowledge and understanding of the objectives of business organisations.
    > A knowledge and understanding of the functions that all business organisations must perform.
    > A knowledge and understanding of the regulatory environment in which business organisations operate.
    > The ability to apply knowledge and skills to simple situations.

    > The Business Practice module has similarities with the South African Unit Standards:
    > Interpret basic financial statements.
    > Demonstrate knowledge and application of ethical conduct in a business environment.
    > Explain South African Money Laundering legislation and the implications for accountable institutions in transactions with clients.
    > Explain basic economics.
    > Explain basic investment principles.
    > Indicate how different needs lead to the development of different investment products.

    > (P05): Insurance law - Compulsory unit.
    Objective: To develop in the candidate:
    > A knowledge and understanding of the laws which form a background to the operation of insurance.
    > A knowledge and understanding of the system within which these laws operate.
    > The ability to apply knowledge and skills to simple situations.

    It is not possible to compare aspects of legislation exactly, but the Chartered Insurance Institute module covers all legislation relating to insurance in the United Kingdom context and the following South African Unit Standards cover with the appropriate South African Legislation:

    > Apply the law of contract to insurance.
    > Explain the types of compulsory statutory insurance in South Africa.
    > Apply knowledge and insight into aspects of the Long-term Insurance Act, Act 52 of (1998).
    > Apply knowledge and insight into the Short Term Insurance Act (No 53 of 1998) and the accompanying regulations.
    > Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits.
    > Demonstrate knowledge and insight into the Collective Investment Schemes Act, 45 of 2003 (CICSA).
    > Explain and apply the basic principles of the Estate Duty Act (45 of 1955).
    > Analyse the Pension Funds Act as it applies to the administration of retirement funds.
    > Demonstrate knowledge and understanding of the Capital Gains Tax Legislation as it applies to insurance and investment.
    > 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.
    > Demonstrate knowledge and application of the Value Added Tax Act, (VAT) 89 of 1991 as amended as it applies to insurance policies.
    > Demonstrate knowledge and understanding of the Financial Advisory and Intermediary Services Act 2002 (FAIS) (Act 37 of 2002) as it impacts on a specific financial services sub-sector.
    > Apply the regulations for disclosure that are required as part of the financial sales process.

    > (P05): Insurance law - Compulsory unit.
    Objective: To develop in the candidate:
    > A knowledge and understanding of the laws which form a background to the operation of insurance.
    > A knowledge and understanding of the system within which these laws operate.
    > The ability to apply knowledge and skills to simple situations.

    > (P12): Long-term business.
    Objective: To develop in the candidate:
    > A knowledge and understanding of the principles and procedures applicable to long-term insurance business.
    > A knowledge and understanding of long-term products and their features.
    > A knowledge of the factors affecting the acceptance and underwriting of long-term business.
    > A knowledge of the factors affecting the administration of long-term business and the claims environment.
    > A knowledge and understanding of how the market is supervised.
    > The ability to apply knowledge and skills to simple situations.

    The South African Unit Standards have similarities to the following areas in the CII qualification:

    > Chartered Insurance Institute Unit 1 - Market Structure:
    > Analyse the Financial Services Industry and the role of insurance in a business environment.

    > Chartered Insurance Institute Unit 2 - Products available in the market:
    > Analyse the different products available in the Long-term insurance industry and the benefits of each.

    > Chartered Insurance Institute Unit 3 - The acceptance of New Business:
    > Demonstrate knowledge and understanding of the Financial Advisory and Intermediary Services Act 2002 (FAIS) (Act 37 of 2002) as it impacts on a specific financial services sub-sector.
    > Apply the regulations for disclosure that are required as part of the financial sales process.

    > Chartered Insurance Institute Unit 4 - The administration of existing Business:
    The competencies required of this module are covered by a range of South African Unit Standards, the ones that relate to the Chartered Insurance Institute unit are:
    > Analyse the Pension Funds Act as it applies to the administration of retirement funds.

    > Chartered Insurance Institute Unit 5 - Claims, maturities and early terminations:
    > Apply knowledge and insight into aspects of the Long-term Insurance Act, Act 52 of (1998).

    > Chartered Insurance Institute Unit 6 - Legal regulatory and voluntary supervision:
    > Apply knowledge and insight into aspects of the Long-term Insurance Act, Act 52 of (1998).
    > 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.

    > (510): Risk, regulation and capital adequacy.
    Objective: To develop in the candidate:
    > An awareness and broad knowledge of the environment in which businesses operate.
    > A detailed knowledge and understanding of the economic, ethical, operational and financial framework applicable to UK companies.
    > The ability to synthesise different aspects of the syllabus and to apply learning specifically to the insurance industry.
    > The application of knowledge and skills to practical situations.

    The outcomes relating to ethics in this module have similarities with the South African Unit Standard, Demonstrate knowledge and application of ethical conduct in a business environment.

    > Private medical insurance.
    Objective: To develop in the candidate: a knowledge and understanding of the principles and practices of transacting private medical insurance business; a knowledge and understanding of the provision and operation of private medical insurance within the wider healthcare sector; and (IF7) Healthcare insurance products, to provide knowledge and understanding of the fundamental principles and practices relating to healthcare insurance.

    There is no absolute match with the South African Unit Standards, but it is apparent that the Chartered Insurance Institute module covers the similar competencies to the South African Unit Standards relating to Health Care products:

    > Explain Healthcare Benefits Administration in South Africa.
    > Analyse healthcare funding in South Africa and the role of intermediaries in the sector.
    > Demonstrate knowledge and understanding of the role and responsibilities of Trustees of Medical Schemes.
    > Describe healthcare cover in South Africa.
    > Describe the control of fraud in Healthcare Benefits Administration.
    > Describe managed care as it is applied in Medical Scheme Administration in South Africa.
    > Research the Medical Scheme Administrator sub sector in South Africa.
    > Analyse the National Health Policy as a means of providing healthcare for the nation.

    There is no match in the Chartered Insurance Institute structure for the South African Unit Standards:

    > Explain the use of coding in Healthcare Benefits Administration.
    > Explain options for healthcare cover in order to make an informed decision.

    > G60: Pensions.
    Objective: To develop in the candidate:
    > A knowledge of pensions and pension transfers.
    > The ability to advise clients on all aspects of pensions provision.
    > The ability to apply knowledge and skills to practical situations.
    > The ability to synthesise different aspects of the syllabus and apply them to given scenarios.

    The following South African Standards address similar competencies to the Chartered Insurance Institute module:

    > Determine risk exposure in order to manage the risk in a specific situation.
    > Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds.
    > Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds.
    > Demonstrate knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits.
    > Analyse different group retirement products.
    > Describe group insured benefits.
    > Analyse the role of group retirement benefits in the insurance industry.
    > Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits.
    > Analyse the Pension Funds Act as it applies to the administration of retirement funds.
    > Apply the skills of customer care in a specific work environment.

    There is no match in the Chartered Insurance Institute structure for the South African Unit Standards:

    > Describe funeral insurance.
    > Investigate possible funding options for investors exiting a group retirement fund.
    > Demonstrate knowledge and understanding of the investment strategy of a selected retirement fund.
    > Demonstrate knowledge and understanding of the investment strategy of a selected medical scheme.

    > G60: Investment portfolio management.
    Objective: To develop in the candidate the ability to:
    > Describe investment markets and the main types of financial investments.
    > Explain how investment markets are affected by economic, technological and political conditions.
    > Explain the theory and practical implications of investment risk and portfolio theory.
    > Evaluate the success of investment strategies and asset allocation models.
    > Describe the regulatory requirements for investment portfolio management.
    > Apply knowledge and skills to practical situations.
    > Synthesise different aspects of the syllabus and apply them to given scenarios.

    The following South African Unit Standards have synergies with the Chartered Insurance Institute module:

    > Explain basic investment principles.
    > Explain the basic principles of asset management as they apply to financial markets and insurance.
    > Investigate the range options available for wealth management.
    > Explain Capital Markets and capital market instruments.
    > Explain Equity Markets and equity market instruments.
    > Explain Money Markets and money market instruments.
    > Indicate how different needs lead to the development of different investment products.
  • Comparison: Australia

    The National Training Packages are integrated sets of nationally endorsed competency standards, assessment guidelines and Australian Qualifications Authority qualifications for a specific industry, industry sector or enterprise. There are several qualifications at certificate level that include Unit Standards that match some of the South African Unit Standards included in the FETC: Wealth Management. The following recently registered qualification was the most appropriate for the comparison - FNB40803 Certificate IV in Financial Services (Superannuation). Note that in South Africa superannuation is retirement.

    > Australia - FNB40803 Certificate IV in Financial Services (Superannuation):

    This is the industry recommended competency pathway for persons typically performing a range of routine and non-routine duties within superannuation that primarily involve specific fund administration functions. This person may work within a superannuation fund or in an outsourced service provider. They would be considered to be competent in handling a wide variety of complex situations within fund administration.

    To attain a Certificate IV qualification, achievement of the 6 industry core units must be confirmed. Those who have previously gained a Certificate III will have had these units assessed. If the industry core units have not been assessed as part of a Certificate III, they will need to be assessed in a Recognition of Prior Learning.

    In additional 10 units must be achieved:
    > 5 Core units.
    > 5 Elective units.

    > Comparison of the industry Australian sectoral Core units with the FETC: Wealth Management:

    6 sectoral Core units acquired at Certificate III or through a process of Recognition of Prior Learning.

    > FNBFS02A: Communicate in the workplace:

    From the description of the core unit, Communicate in the workplace (FNBFS02A) it appears that learners are required to demonstrate similar competencies to those in the Level 4 Communication and Mathematical Literacy Unit Standards included in the fundamental component of South African Further Education and Training Certificates (FETC's). The unit requires learners to use written and oral communication in the work environment. Critical aspects of evidence include:

    > Demonstrated ability to receive and understand messages and instructions.
    > Demonstrated ability to convey messages.
    > Demonstrated ability to seek appropriate assistance.
    > Knowledge of appropriate communication channels.
    > An appropriate level of understanding of industry and company policy.
    > Demonstrated ability to communicate both orally and in writing.
    > Demonstrated ability to appropriately format a document.
    > Demonstrated ability to successfully complete numerical calculations.
    > Knowledge of issues affecting people from a variety of backgrounds.

    In the FETC: Wealth management there are three elective, contextualised communication Unit Standards that have synergies with the Australian communication units:

    > Use the writing process to compose texts required in a business environment.
    > Apply comprehension skills to engage oral texts in a business environment.
    > Apply comprehension skills to engage written texts in a business environment.

    > FNBFS04B: Use technology in the workplace:

    This core unit requires learners to effectively and efficiently use technology and equipment in the workplace. Critical aspects of evidence include:

    > Awareness of range of types of office technology.
    > Ability to appropriately and efficiently use technology.
    > Basic computer literacy, including the internet.
    > Knowledge of basic repair and maintenance procedures.
    > Knowledge of relevant occupational health and safety procedures.
    > Knowledge of appropriate legislation, codes of practice.
    > Company guidelines and procedures.

    The unit has synergies with the South African Critical Cross-field Outcome, Use science and technology effectively and critically showing responsibility towards the environment and the health of others which is integrated into a number of Unit Standards in the FETC: Wealth Management. Use of technology can be integrated in the South African Communication Unit Standards that are classified as Fundamental in all Level 4 Qualifications on the National Qualifications Framework (NQF). In addition learners may select technology related electives such as:

    > Use an electronic system as a tool in a financial services context.
    > Communicate verbally with clients in a financial services environment.
    > Access information to respond to client enquiries in a financial services environment.

    In the Australian qualification the use of technology is a Core component. There are synergies between the South African Elective Unit Standards relating to understanding of basic computer literacy, IT technology and ability to use the technology in the business environment. The Unit Standard, Use an electronic system as a tool in a financial services context, has additional outcomes relating to data retrieval systems and business applications to integrate information which are not evident in the Australian unit, while the Australian unit has competencies of repair and maintenance that are not included in the South African Unit Standard. It appears that although there is not a South African Unit Standard that matches the Australian unit exactly, in both the Australian, Certificate IV of Financial Services and the FETC: Wealth Management learners are required to use technology and equipment in the workplace effectively and efficiently.

    > FNSICIND401A: Apply principles of professional practice to work in the financial services industry:

    This Core unit has similarities with the South African Unit Standards, Demonstrate knowledge and application of ethical conduct in a business environment and Demonstrate skills and techniques required to build a relationship with a client in a financial services environment and Apply the skills of customer care in a specific work environment.

    > FNBFS05A: Apply health and safety practices in the workplace:

    This unit covers the requirement to apply Health and Safety aspects of work within a Financial Services Environment. It incorporates Worksafe, Australia's generic 'Competency A', which is directly equivalent to the National Administration Competency Standards (Private Sector) 2nd Edition BSBCMN106A: Follow Occupational Health & Safety (OH&S) Policies and Procedures in the Workplace in order to ensure own safety and that of others in the Workplace. Critical aspects of evidence include:

    > Knowledge of Health and Safety legislation, guidelines and procedures.
    > Identification (evidence of knowledge) of significant hazards in the workplace.
    > Identification (evidence of understanding) of symbols used for Health and Safety signs.
    > Demonstrated knowledge of emergency procedures.
    > Demonstrated knowledge of safe work practices, including ergonomic requirements.
    > Demonstrated ability to recognise and avoid potentially hazardous situations.

    Health and safety practices are not specifically dealt with in the Core Unit Standards in the FETC: Wealth Management. In the Level 2 Unit Standard, Contribute to the health, safety and security of a financial services workplace, there are similar outcomes to the Australian unit.

    > FNBFS06B: Resolve Customer Complaints:

    This unit covers the competencies required to take corrective action required in the resolution of customer complaints by self/others. Critical aspects of evidence include:

    > Thorough checking of complaint details.
    > Sound knowledge of relevant legislation and codes of conduct.
    > Strong communication skills in dealing with customers.
    > Understanding of dispute resolution procedures.
    > Ability to use relevant data entry and other office equipment.

    The South African Elective, Apply the skills of customer care in a specific work environment has synergies with the Australian unit, but the South African Unit Standard appears to be broader in its scope. Although there are synergies in competencies relating to understanding the client and communication skills, the Australian unit is very specific to one customer situation, the complaining customer. A learner who attains and applies the South African Unit Standard competencies will be able to resolve customer complaints, but the South African Unit Standard goes beyond customer complaints and has a more positive focus on providing impressive customer care/service.

    In addition, the Unit Standard, Demonstrate skills and techniques required to build a relationship with a client in a financial services environment, includes aspects of client relationships as well as a complaints procedure.

    > Comparison of the industry Australian core units with the FETC: Wealth Management:

    To gain a Certificate IV in Financial Services 5 Core units must be achieved.

    > FNBSUP01A Work within the superannuation industry:

    This unit describes the functions involved in working to industry standards while providing superannuation services. Outcomes include:

    > Demonstrate knowledge of Australia's superannuation system.
    > Work within superannuation regulatory framework.
    > Provide a superannuation service to clients according to legislative guidelines.
    > Work within organisational policies, procedures and guidelines, and accepted industry codes of conduct.
    > Identify features and processes within workplace fund.
    > Apply organisational quality assurance procedures.

    Critical aspects of evidence include:

    > Ability to follow procedure.
    > Knowledge of available superannuation products and services.
    > Knowledge and application of compliance with company policies and guidelines, industry codes of practice and relevant legislation.
    > Communication skills.
    > Ability to answer a range of general questions about the form and function of the Superannuation industry in Australia.
    > Ability to research information on the superannuation industry.
    > Involvement in professional development activities.
    > Ability to identify and describe major roles in the superannuation industry.

    This Australian unit is very specific. Any learner electing the Unit Standards from the Trustees, Principal Officers and Retirement Funding pathway in the FETC: Wealth Management will have the similar and additional competencies to those covered by the above Australian unit.

    > FNBSUP05A: Work with specialist and outsourced services:

    This unit describes the functions involved in working with internal and outsourced specialist services such as insurers, call centres, investment managers and outsourced fund administrators. It also describes the skills required for meeting legislative requirements and Australian Securities and Investments Commission (ASIC) guidelines on giving advice.

    Critical aspects of competency:

    > Competency must be demonstrated in the ability to effectively work with specialist services.
    > Comply with company policies and guidelines, industry codes of practice and relevant legislation.
    > Identify relevant regulatory bodies and legislation.
    > Ability to describe the role and responsibilities of specialist services used in superannuation.
    > Describe the consequences of non-compliance.
    > Prepare documentation according to the needs of specialist services.
    > Prepare required communications according to specialist requirements.
    > Work effectively with others.
    > Refer client enquiries to appropriate specialists.

    The Australian unit covers a range of embedded skills that have synergies with the following South African Unit Standards:

    > Explain fiduciary responsibilities and the associated risks.
    > Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds.
    > Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds.
    > Demonstrate knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits.

    > FNBSUP06A: Process complex benefits and insurance claims:

    This unit describes the functions involved in receiving applications for complex superannuation benefit payment and/or insurance claims and ensuring correct funds are allocated to members. Conditions would include claims such as death or disability payment and situations of severe financial hardship. Critical aspects of evidence will include:

    > Ability to test and assess the integrity of information.
    > Knowledge of the steps involved in the benefit payment process.
    > Ability to source and interpret information required to process benefits.
    > Ability to establish special circumstances and make informed recommendations about benefit payments.
    > Ability to refer highly complex cases.
    > Knowledge of required paperwork accompanying the processing of etp payments.
    > Ability to calculate payments using computer programs.
    > Ability to calculate taxation requirements for benefit payments using computer programs.
    > Ability to identify, source and interpret required information to process benefits for lump sum payments, death claims and disablement claims.
    > Ability to assess and determine benefit entitlements for etp, death and disability claims using computer programs.
    > Ability to identify taxation elements accompanying different benefit payment options.
    > Knowledge and application of compliance with company policies and guidelines, industry codes of practice and relevant legislation.
    > Ability to communicate and document proceedings.

    The following South African Unit Standards have outcomes that have similarities with the above Australian unit:

    > Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds.
    > Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds.
    > Demonstrate knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits.
    > Investigate possible funding options for investors exiting a group retirement fund.
    > Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits.

    > Comparison of the Australian industry Elective units with the FETC: Wealth Management:

    Learners are required to select at least 4 elective units:
    > All 4 elective units may be selected from the Financial Services Training Package at the Diploma level.
    > A maximum of 2 elective units may be selected from Certificate IV level.
    > A maximum of 2 elective units may be selected from other endorsed Training Packages in accordance with other packaging guidelines for this qualification.
    > The choice of electives from other packages or at lower or higher levels should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet.

    The units suggested as electives are:

    > FNBSUP09A: Work within a defined benefit fund:

    This unit describes the functions and required knowledge involved in fund administration procedures in a defined benefit fund. Critical aspects of evidence will include:

    > Ability to test and assess the integrity of information.
    > Knowledge of the steps involved in the benefit payment process.
    > Ability to source and interpret information required to process benefits.
    > High level research skills.
    > Ability to interpret trust deed conditions.
    > Ability to establish special circumstances and make informed recommendations about benefit payments.
    > Ability to refer highly complex cases.
    > Ability to calculate payments using computer programs.
    > Ability to calculate taxation requirements for benefit payments using computer programs.
    > Ability to identify, source and interpret required information to process benefits for lump sum payments, death claims and disablement claims.
    > Ability to assess and determine benefit entitlements for eligible termination payments, death and disability claims using computer programs.
    > Ability to identify taxation elements accompanying different benefit payment options.
    > Computer skills.
    > Knowledge and application of compliance with company policies and guidelines, industry.
    > Codes of practice and relevant legislation.
    > Documentation skills.
    > Ability to accurately process contributions and benefits.
    > Ability to process insurance claims according to organisational guidelines and relevant legislation.

    The following South African standards requires similar competencies relating to fund administration:

    > Explain fiduciary responsibilities and the associated risks.
    > Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds.
    > Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds.
    > Demonstrate knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits.
    > Analyse different group retirement products.
    > Describe group insured benefits.
    > Analyse the role of group retirement benefits in the insurance industry.

    > FNBSUP07A: Undertake effective communications with members and handle complaints:

    This unit describes the functions involved in effectively communicating with clients to meet their information needs and handling complaints through internal complaints procedure and/or the Superannuation Complaints Tribunal. Critical aspects of evidence will include:

    > Ability to follow procedure.
    > Ability to establish information needs.
    > Interpersonal skills.
    > Ability to source required information.
    > Ability to refer enquiries when required.
    > Ability to effectively handle difficult client interactions and/or complaints.
    > Ability to communicate details of fund services and procedures.
    > Computer skills.
    > Ability to liase with members and/or employers to source information and answer enquiries related to member contributions and accounts.
    > Knowledge and application of compliance with company policies and guidelines, industry.
    > Codes of practice and relevant legislation.
    > Documentation skills.
    > Communication skills.
    > Ability to use and maintain database systems.
    > Ability to implement and monitor organisational quality assurance measures and practices.

    The following South African Unit Standards included as electives in the FETC: Wealth Management lead to similar outcomes:

    > Use the writing process to compose texts required in a business environment.
    > Apply comprehension skills to engage oral texts in a business environment.
    > Apply comprehension skills to engage written texts in a business environment.
    > Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds.

    The underpinning knowledge and skills to communicate and work in a superannuation environment are provided by the South African Unit Standards specifically:

    > Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits.
    > Analyse the Pension Funds Act as it applies to the administration of retirement funds.
    > Apply the skills of customer care in a specific work environment.

    > FNBSUP10A: Administer retirement income streams:

    This unit describes the functions and required knowledge involved in the administration of retirement income streams. Critical aspects of evidence will include:

    > Ability to describe how superannuation pensions and immediate annuities work.
    > Ability to detail the particular features of the different types of pensions and annuities.
    > Ability to explain how pensions and annuities are taxed.
    > Ability to test and assess the integrity of information.
    > Knowledge of the steps involved in processing of incoming payments for income streams, and the payment to individuals of retirement income streams.
    > Ability to source and interpret information required to process benefits.
    > High level research skills.
    > Ability to interpret retirement income stream conditions.
    > Ability to refer highly complex cases.
    > Ability to identify taxation elements accompanying different benefit payment options.
    > Computer skills.
    > Knowledge and application of compliance with company policies and guidelines, industry codes of practice and relevant legislation.
    > Documentation skills.
    > Ability to accurately process incoming payments and outgoing benefits.

    The South African Standards that have outcomes with similar competencies are:

    > Determine risk exposure in order to manage the risk in a specific situation.
    > Explain fiduciary responsibilities and the associated risks.
    > Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds.
    > Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds.
    > Demonstrate knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits.
    > Analyse the role of group retirement benefits in the insurance industry.
    > Investigate possible funding options for investors exiting a group retirement fund.
    > Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits.
    > Analyse the Pension Funds Act as it applies to the administration of retirement funds.
    > Apply the skills of customer care in a specific work environment.

    > FNBSUP08A: Assist in meeting superannuation compliance requirements:

    This unit describes the functions involved in assisting the organisation to meet compliance requirements relevant to superannuation and the type of fund.
    Critical aspects of competency are:

    > Test and assess the integrity of information.
    > Comply with company policies and guidelines, industry codes of practice and relevant legislation.
    > Identify relevant regulatory bodies and legislation.
    > Describe the consequences of non-compliance.
    > Prepare documentation according to compliance requirements.
    > Prepare member communications according to compliance requirements.
    > Prepare information for statutory returns.
    > Identify new compliance requirements and integrate them into work practices.
    > Adjust to industry change.

    South African Unit Standards with similar competencies include:

    > Determine risk exposure in order to manage the risk in a specific situation.
    > Investigate possible funding options for investors exiting a group retirement fund.
    > Apply industry knowledge to develop an investment strategy for a group retirement fund or medical scheme.
    > Analyse the Pension Funds Act as it applies to the administration of retirement funds.
    > Analyse current events reported in media that could impact on wealth management develops in the learner the ability to identify and adjust to industry change. A major difference is that the South African Unit Standard requires the learner to proactively source information relating to change.
  • FNBSUP11A: Establish and customise complex employer accounts:

    This unit describes the functions involved in setting up accounts for corporate clients of Master Trusts and complex clients within Industry Funds, using a computerized information management system/database. Critical aspects of evidence will include:

    > Ability to follow procedure.
    > Ability to establish information needs.
    > Ability to source required information.
    > Ability to check and store information.
    > Computer skills.
    > Literacy skills.
    > Knowledge and application of compliance with company policies and guidelines, industry codes of practice and relevant legislation.
    > Documentation skills.
    > Ability to use and maintain database systems.
    > Able to use computer system to calculate and allocate interest, administration charges and insurance premiums.
    > Ability to implement and monitor organisational quality assurance measures and practices.

    South African standards with similar competencies include:

    > Use an electronic system as a tool in a financial services context.
    > Analyse the Pension Funds Act as it applies to the administration of retirement funds.
    > Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits.
    > Apply the skills of customer care in a specific work environment.

    > FNBSUP12A: Participate in the implementation of quality assurance and fund review practices:

    This unit describes the functions involved in conducting quality checks and fund reviews. Competency must be demonstrated in the ability to effectively implement quality assurance practices and annual fund review. Critical aspects of evidence will include:

    > Test and assess the integrity of information.
    > Describe the major features of Australian accounting standard no.25 (AAS 25).
    > Conduct annual fund review.
    > Generate documentation required for annual review.
    > Comply with company policies and guidelines, industry codes of practice and relevant legislation.
    > Identify and conduct quality assurance work practices.
    > Participate in professional development activities.
    > Develop and undertake best practice standards.
    > Determine risk exposure in order to manage the risk in a specific situation.
    > Explain fiduciary responsibilities and the associated risks.
    > Demonstrate knowledge and understanding of the role and responsibilities of trustees of retirement funds.
    > Apply industry knowledge to develop an investment strategy for a group retirement fund or medical scheme.
    > Analyse the pension funds act as it applies to the administration of retirement funds.
    > Apply the skills of customer care in a specific work environment.

    At least 5 elective units may be selected from this Training Package or from another endorsed package at the Certificate IV level. Superannuation specific elective units that may be selected include:

    > FNB99 Financial Services Training Package.
    > BSB01 Business Services Training Package:
    > Small Business Competencies.
    > Training and Workplace Assessment.
    > Frontline Management Standards.
    > E business Competencies.
    > PSP99 National Public Services Training Package.
    > ICA99 Information Technology Training Package:
    > Client Support Competencies.

    The SA Unit Standards relating to Medical Schemes, Risk Transfer (Short Term Insurance) and Investments have specialised skills leading to outcomes that are not required in the Qualification that was compared from the Australian training packages. There is evidence that in some instances the knowledge is embedded in the Australian packages, but the specialised skills relevant to the South African Unit Standards are different and it is not therefore appropriate to match the following South African Unit Standards with any Australian standards in the two Qualifications used for the comparison.

    > Demonstrate knowledge and understanding of financial interactions of insurers and intermediaries in short term insurance.
    > Apply technical knowledge and understanding of the cover provided under a Short Term Multi-Peril insurance policy.
    > Apply technical knowledge and understanding of business insurance.
    > Use an electronic system as a tool in a financial services context.
    > Determine risk exposure in order to manage the risk in a specific situation.
    > Describe collective investment schemes.
    > Explain basic transactions in the collective investment industry.
    > Indicate how collective investment scheme portfolios are reported.
    > Indicate how different needs lead to the development of different investment products.
    > Demonstrate knowledge and insight into the Collective Investment Schemes Act, 45 of 2003 (CICSA).
    > Administer basic asset related transactions.
    > Administer basic client related transactions in a Collective Investment.
    > Scheme Manager or Linked Investment Service Provider (LISP). 
    		•

    ARTICULATION OPTIONS 
    This Qualification articulates horizontally with:
  • 57613: Further Education and Training Certificate: Short-Term Risk Management, NQF Level 4.
  • 49649: Further Education and Training Certificate: Long-term Insurance, NQF Level 4.
  • 49529: Further Education and Training Certificate: Long-Term Risk Assessment, NQF Level 4.
  • 49929: Further Education and Training Certificate: Short Term Insurance, NQF Level 4.
  • 49835: Further Education and Training Certificate: Retail Insurance, NQF Level 4.
  • 49356: Further Education and Training Certificate: Medical Claims Assessing, NQF Level 4.

    Vertical articulation is possible with the following Qualifications:
  • 57608: National Certificate: Wealth Management, NQF Level 5.
  • 57918: National Certificate: Short Term Insurance, NQF Level 5.
  • 49834: National Certificate: Financial Services: Long-Term Risk Assessment, NQF Level 5.
  • 49860: National Diploma: Financial Services: Long-Term Risk Assessment, 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 
    Criteria for registration of internal and external assessors in the sub-field:

    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 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 
    This qualification replaces qualification 48493, "National Certificate: Financial Services: Wealth Management", Level 4, 140 credits. 

    UNIT STANDARDS: 
      ID UNIT STANDARD TITLE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
    Core  117132  Explain basic economics  Level 3  NQF Level 03  3 
    Core  243144  Explain the structure of the financial services industry in South Africa  Level 3  NQF Level 03  4 
    Core  114960  Investigate the need to provide financially for own retirement  Level 3  NQF Level 03  3 
    Core  114970  Manage risk in own life  Level 3  NQF Level 03  3 
    Core  243133  Analyse current events reported in the media that could impact on wealth management  Level 4  NQF Level 04  10 
    Core  242655  Demonstrate knowledge and application of ethical conduct in a business environment  Level 4  NQF Level 04  4 
    Core  243153  Explain basic investment principles  Level 4  NQF Level 04  4 
    Core  243142  Explain Capital Markets and Capital Market Instruments  Level 4  NQF Level 04  2 
    Core  243148  Explain Equity Markets and equity market instruments  Level 4  NQF Level 04  2 
    Core  243154  Explain money markets and money market instruments  Level 4  NQF Level 04  2 
    Core  242593  Explain South African money laundering legislation and the implications for accountable institutions in transacting with clients  Level 4  NQF Level 04  3 
    Core  243134  Investigate the range of options available for wealth management  Level 4  NQF Level 04  5 
    Fundamental  119472  Accommodate audience and context needs in oral/signed communication  Level 3  NQF Level 03  5 
    Fundamental  119457  Interpret and use information from texts  Level 3  NQF Level 03  5 
    Fundamental  119467  Use language and communication in occupational learning programmes  Level 3  NQF Level 03  5 
    Fundamental  119465  Write/present/sign texts for a range of communicative contexts  Level 3  NQF Level 03  5 
    Fundamental  9015  Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems  Level 4  NQF Level 04  6 
    Fundamental  117127  Describe and apply the basic principles of personal income tax  Level 4  NQF Level 04  3 
    Fundamental  119462  Engage in sustained oral/signed communication and evaluate spoken/signed texts  Level 4  NQF Level 04  5 
    Fundamental  117156  Interpret basic financial statements  Level 4  NQF Level 04  4 
    Fundamental  117158  Investigate ways of managing financial risk in own lives  Level 4  NQF Level 04  5 
    Fundamental  119469  Read/view, analyse and respond to a variety of texts  Level 4  NQF Level 04  5 
    Fundamental  9016  Represent analyse and calculate shape and motion in 2-and 3-dimensional space in different contexts  Level 4  NQF Level 04  4 
    Fundamental  119471  Use language and communication in occupational learning programmes  Level 4  NQF Level 04  5 
    Fundamental  7468  Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues  Level 4  NQF Level 04  6 
    Fundamental  119459  Write/present/sign for a wide range of contexts  Level 4  NQF Level 04  5 
    Elective  9302  Access information in order to respond to client enquiries in a financial services environment  Level 3  NQF Level 03  2 
    Elective  117108  Administer basic asset related transactions  Level 3  NQF Level 03  5 
    Elective  117116  Administer basic client related transactions in a Collective Investment Scheme Manager or Linked Investment Service Provider (LISP)  Level 3  NQF Level 03  10 
    Elective  9303  Communicate verbally with clients in a financial environment  Level 3  NQF Level 03  3 
    Elective  123417  Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds  Level 3  NQF Level 03  3 
    Elective  123421  Demonstrate knowledge and understanding of the role and responsibilities of Trustees of Medical Schemes  Level 3  NQF Level 03  2 
    Elective  123420  Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds  Level 3  NQF Level 03  2 
    Elective  123419  Demonstrate knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits  Level 3  NQF Level 03  2 
    Elective  243129  Describe collective investment schemes  Level 3  NQF Level 03  2 
    Elective  114956  Describe funeral insurance  Level 3  NQF Level 03  2 
    Elective  117141  Describe healthcare cover in South Africa  Level 3  NQF Level 03  2 
    Elective  243135  Explain common transactions in a collective investment scheme portfolio  Level 3  NQF Level 03  2 
    Elective  114966  Explain the types of compulsory statutory insurance in South Africa  Level 3  NQF Level 03  2 
    Elective  243141  Indicate how collective investment scheme portfolios are reported  Level 3  NQF Level 03  2 
    Elective  114985  Indicate how different needs lead to the development of different Financial Service products  Level 3  NQF Level 03  4 
    Elective  119915  Manage personal expenditure  Level 3  NQF Level 03  3 
    Elective  243147  Outline the structure of the collective investment industry  Level 3  NQF Level 03  2 
    Elective  119681  Research costs associated with marriage, birth, divorce and death in own circumstances  Level 3  NQF Level 03  4 
    Elective  117123  Analyse different group retirement products  Level 4  NQF Level 04  2 
    Elective  119677  Analyse healthcare funding in South Africa and the role of intermediaries in the sector  Level 4  NQF Level 04  4 
    Elective  119478  Analyse the different products available in the Long-term Insurance industry and the benefits of each  Level 4  NQF Level 04  5 
    Elective  243156  Analyse the National Health Policy as a means of providing healthcare for the nation  Level 4  NQF Level 04  4 
    Elective  117120  Analyse the Pension Funds Act as it applies to the administration of retirement funds  Level 4  NQF Level 04  3 
    Elective  117122  Analyse the role of group retirement benefits in the insurance industry  Level 4  NQF Level 04  2 
    Elective  12154  Apply comprehension skills to engage oral texts in a business environment  Level 4  NQF Level 04  5 
    Elective  12155  Apply comprehension skills to engage written texts in a business environment  Level 4  NQF Level 04  5 
    Elective  117126  Apply knowledge and insight into aspects of the Long Term Insurance Act, Act 52 of 1998  Level 4  NQF Level 04  2 
    Elective  117121  Apply knowledge and insight into the Short Term Insurance Act (No 53 of 1998) and the accompanying regulations  Level 4  NQF Level 04  3 
    Elective  120022  Apply knowledge and understanding of personal accident insurance  Level 4  NQF Level 04  2 
    Elective  120132  Apply knowledge of personal liability insurance  Level 4  NQF Level 04  3 
    Elective  117118  Apply knowledge of the current Medical Schemes Act and the accompanying regulations  Level 4  NQF Level 04  3 
    Elective  114209  Apply Return on Investment (ROI) theory and practice to a business unit  Level 4  NQF Level 04  6 
    Elective  120116  Apply technical knowledge and skill in order to underwrite professional indemnity insurance  Level 4  NQF Level 04  5 
    Elective  120115  Apply technical knowledge and understanding of business insurance  Level 4  NQF Level 04  10 
    Elective  120114  Apply technical knowledge and understanding of fidelity insurance as a means of managing people related financial risk  Level 4  NQF Level 04  3 
    Elective  120121  Apply technical knowledge and understanding of the cover provided under a Short Term Multi-Peril Insurance policy  Level 4  NQF Level 04  5 
    Elective  120128  Apply the law of contract to insurance  Level 4  NQF Level 04  3 
    Elective  117129  Apply the regulations for disclosure that are required as part of the financial sales process  Level 4  NQF Level 04  2 
    Elective  119676  Apply the skills of customer care in a specific work environment  Level 4  NQF Level 04  4 
    Elective  119262  Demonstrate knowledge and application of the relationship between Life Style Measurement (LSM) and Long-term insurance  Level 4  NQF Level 04  6 
    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  2 
    Elective  243146  Demonstrate knowledge and insight into provisions relating to Capital Gains Tax (CGT) contained in the Income Tax Act as it applies to insurance and investment  Level 4  NQF Level 04  2 
    Elective  243155  Demonstrate knowledge and insight into the Collective Investment Schemes Control Act, 45 of 2002 (CISCA)  Level 4  NQF Level 04  2 
    Elective  243132  Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to Long-Term insurance and investment products  Level 4  NQF Level 04  2 
    Elective  120129  Demonstrate knowledge and understanding of financial interactions of insurers, underwriting managers and intermediaries in short term insurance  Level 4  NQF Level 04  2 
    Elective  242584  Demonstrate knowledge and understanding of the Financial Advisory and Intermediary Services Act 2002 (FAIS) (Act 37 of 2002) as it impacts on a specific financial services sub-sector  Level 4  NQF Level 04  2 
    Elective  243145  Demonstrate knowledge and understanding of the investment strategy of a selected group retirement fund  Level 4  NQF Level 04  2 
    Elective  243140  Demonstrate knowledge and understanding of the investment strategy of a selected medical scheme  Level 4  NQF Level 04  2 
    Elective  120124  Demonstrate knowledge of insurable risk  Level 4  NQF Level 04  3 
    Elective  243137  Demonstrate skills and techniques required to build a relationship with a client in a financial services environment  Level 4  NQF Level 04  3 
    Elective  243131  Describe disability insurance solutions in the context of financial planning  Level 4  NQF Level 04  4 
    Elective  117137  Describe group insured benefits  Level 4  NQF Level 04  2 
    Elective  118019  Describe managed care as it is applied in Medical Scheme Administration in South Africa  Level 4  NQF Level 04  6 
    Elective  118018  Describe the control of fraud in Healthcare Benefits Administration  Level 4  NQF Level 04  8 
    Elective  119261  Describe the control of fraud in Long-term Insurance  Level 4  NQF Level 04  3 
    Elective  243136  Describe the main aspects of pre and post retirement planning  Level 4  NQF Level 04  3 
    Elective  243151  Describe the sales function in a Collective Investment Scheme Manager or Linked Investment Service Provider (Lisp)  Level 4  NQF Level 04  4 
    Elective  242654  Determine risk exposure in order to manage the risk in a specific situation  Level 4  NQF Level 04  2 
    Elective  117241  Develop a business plan for a small business  Level 4  NQF Level 04  5 
    Elective  119678  Explain and apply the basic principles of the Estate Duty Act (45 of 1955)  Level 4  NQF Level 04  2 
    Elective  243152  Explain fiduciary responsibilities and the associated risks  Level 4  NQF Level 04  2 
    Elective  243138  Explain options for healthcare cover in order to make an informed decision  Level 4  NQF Level 04  2 
    Elective  243225  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 a business environment  Level 4  NQF Level 04  2 
    Elective  243130  Explain the basic principles of asset management that apply to financial markets and insurance  Level 4  NQF Level 04  4 
    Elective  118014  Explain the cycle of a medical claim  Level 4  NQF Level 04  2 
    Elective  117131  Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits  Level 4  NQF Level 04  2 
    Elective  243149  Explain the Medicines and Related Substances Control Amendment Act, 59 of 2002, as it impacts on medical schemes  Level 4  NQF Level 04  3 
    Elective  119259  Explain the roles of actuaries, underwriters, claims assessors and reinsurers in Long-term insurance  Level 4  NQF Level 04  3 
    Elective  117215  Explain the use of coding in Healthcare Benefits Administration  Level 4  NQF Level 04  4 
    Elective  119264  Identify and explain trends and issues in the Long-term insurance market that present an abnormal risk  Level 4  NQF Level 04  4 
    Elective  119680  Indicate how different needs lead to the development of different investment products  Level 4  NQF Level 04  5 
    Elective  243139  Investigate dread disease products and their place in wealth management  Level 4  NQF Level 04  2 
    Elective  243150  Investigate possible funding options for investors exiting a group retirement fund  Level 4  NQF Level 04  2 
    Elective  118005  Investigate quality and control mechanisms in a business unit  Level 4  NQF Level 04  2 
    Elective  117244  Investigate the possibilities of establishing and running a small business enterprise (SMME)  Level 4  NQF Level 04  3 
    Elective  119675  Manage a business offering financial advice  Level 4  NQF Level 04  2 
    Elective  242810  Manage Expenditure against a budget  Level 4  NQF Level 04  6 
    Elective  119265  Manage risk in own work environment  Level 4  NQF Level 04  2 
    Elective  118012  Research the Medical Scheme Administration sub-sector in South Africa  Level 4  NQF Level 04  5 
    Elective  120118  Underwrite a standard risk in short term personal insurance  Level 4  NQF Level 04  6 
    Elective  243143  Use an electronic system to propose a financial solution  Level 4  NQF Level 04  3 
    Elective  12153  Use the writing process to compose texts required in the business environment  Level 4  NQF Level 04  5 


    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    LP ID Learning Programme Title Originator Pre-2009
    NQF Level    		 NQF Level Min Credits Learning Prog End Date Quality
    Assurance
    Functionary    		 NQF Sub-Framework
    57917  Further Education and Training Certificate: Wealth Management  Generic Provider - Field 03  Level 4  NQF Level 04  150     INSETA  OQSF 
    62792  Further Education and Training Certificate: Wealth Management  Milpark Education (Pty) Ltd  Level 4  NQF Level 04  150     INSETA  OQSF 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THESE LEARNING PROGRAMMES: 
    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.
     
    LP ID Learning Programme Title Accredited Provider
    57917  Further Education and Training Certificate: Wealth Management  1. 3Sixty Academy
    2. Affinity Business School Pty Ltd
    3. African Resources & Financial Training (Pty) Ltd
    4. Albatros Insurance Administrators Pty Ltd
    5. Amandla Learning Academy (Pty) Ltd
    6. Boitshepo Projects (Pty) Ltd
    7. Boz Financial Services
    8. BRC Solutions (Pty) Ltd
    9. CKP Development Agency (Pty) Ltd
    10. De Vries Management & Training Services cc
    11. Dlama SS Investement Holdings PTY LTD
    12. Esteemed Learning Academy Pty Ltd
    13. F and I Academy (Pty) Ltd
    14. Faisit (Pty) Ltd
    15. Finweb Business Consultancy (Pty) Ltd
    16. Ikhwezi Training Institute (Pty) Ltd
    17. License to Skill cc
    18. Mbalenhle Internet cafe
    19. Mofine Development Solutions (Pty) Ltd
    20. Outsorted Pty Ltd
    21. Pivotal Training Academy (Pty) Ltd
    22. Prosam Consulting Group (Pty) Ltd
    23. Ray Strodl Consulting (Pty) Ltd
    24. Rusape (Pty) Ltd
    25. Skills Bench Holdings (Pty) Ltd
    26. Skills Development Professionals (Pty) Ltd
    27. The Graduate Institute of Financial Sciences (Pty) Ltd
    28. THE SHERQ CENTRE OF EXCELLENCE PTY LTD
    29. The Skills Development Corporation Private
    30. Thubelihle Graduate Institute
    31. Trainingwaze Pty Ltd
    32. Ulearn Academy (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.