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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Identify the types of records required in the financial services industry and indicate why it is necessary to create evidence 
SAQA US ID UNIT STANDARD TITLE
114973  Identify the types of records required in the financial services industry and indicate why it is necessary to create evidence 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 2  NQF Level 02 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
8097  Identify the types of records required in the insurance industry and understand why it is necessary to create evidence and maintain confidentiality  Level 2  NQF Level 02   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard provides a broad introduction to the financial services sector. It is the starting point for learners in financial services related organisations and category A intermediaries. The focus is knowledge, skills, values and attitudes in relation to the learner's own context and experience of the world of work.

The qualifying learner is capable of:
  • Explaining why financial services organisations record and keep information.
  • Naming and describing the types of records that are specific to an insurance or financial planning contract.
  • Indicating the type of records that are kept in respect of an incident or claim against an insurance contract.
  • Locating and providing records to users on request. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should:
  • Hold a GETC or equivalent qualification; or
  • Be competent in communication and mathematical literacy NQF level 1. 

  • UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Records specific to a financial services contract including, but not limited to, Medical Scheme, Agreement, Endorsement, Cover, Financial Needs Analyses and Membership records.
  • Reasons for keeping and retaining records include, but are not limited to FICA Know your client requirements and documents required of intermediaries in terms of FAIS.
  • Records may be electronic, recordings of phone calls or paper format.
  • Changes to a contract include, but are not limited to, changes in address, endorsement, death, change of beneficiary, and premium increases. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain why financial services organisations record and keep information. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The reason for recording information is explained with reference to an actual document used in the financial services sector. 

    ASSESSMENT CRITERION 2 
    Five examples of records are listed and an indication is given of the type of information contained in records in the financial services industry. 

    ASSESSMENT CRITERION 3 
    Three methods of creating records are named that use different types of technology. 

    ASSESSMENT CRITERION 4 
    The purpose for which a record is retained is described for three different functions in a financial services organisation. 

    ASSESSMENT CRITERION 5 
    The consequences if information is not recorded correctly are explained with examples. 

    SPECIFIC OUTCOME 2 
    Name and describe type of records that are specific to an insurance or financial planning contract. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The type of information contained in a proposal/application form is explained with reference to an actual policy. 

    ASSESSMENT CRITERION 2 
    The purpose of maintaining a record of an insurance contract quotation is described with reference to three case studies. 

    ASSESSMENT CRITERION 3 
    The importance of recording client specific details is known and explained with examples from one of the insurance sub-sectors. 

    ASSESSMENT CRITERION 4 
    The purpose of recording changes to the insurance contract is explained with reference to three different circumstances. 

    SPECIFIC OUTCOME 3 
    Indicate the type of records that are kept in respect of an incident or claim. 
    OUTCOME NOTES 
    Indicate the type of records that are kept in respect of an incident or claim against an insurance contract. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The type of information contained in a claim form/loss report form is explained with reference to an authentic claim form. 

    ASSESSMENT CRITERION 2 
    The purpose of maintaining a record of incidents and/or insurance claims is explained with reference to three authentic case studies. 

    ASSESSMENT CRITERION 3 
    Examples are given of relevant documentation in support of a claim specific to one of the sub-sectors of the insurance industry. 

    ASSESSMENT CRITERION 4 
    The purpose of retaining records of incidents and or settled claims is known and understood with reference to one of the insurance sub-sectors. 

    SPECIFIC OUTCOME 4 
    Locate and provide records to users on request. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Suitable paper or electronic filing systems are used to locate a required record. 

    ASSESSMENT CRITERION 2 
    Requested data is located, accessed and retrieved or returned within agreed organisational service levels. 

    ASSESSMENT CRITERION 3 
    The reasons why confidential records are given only to authorised people are known and explained and the implications of releasing information to unauthorised persons are understood in terms of risk to the organisation. 

    ASSESSMENT CRITERION 4 
    An organisation's security procedures are explained in terms of confidentiality of records. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    A learner is able to identify and solve problems when locating missing documents. 

    UNIT STANDARD CCFO ORGANISING 
  • A learner is able to organise and manage him/herself and his/her activities effectively and responsibly by ensuring that records are stored correctly. 

  • UNIT STANDARD CCFO COLLECTING 
    A learner can organise information by accurately storing records in a familiar storage/archiving system. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners can communicate effectively and responsibly by describing or explaining the reasons for recording and maintaining confidential records of information in a financial services organisation. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners can demonstrate an understanding of the world as a set of related systems by understanding and recognising the implications to the organisation should a document go missing. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

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

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 8097, "Identify the types of records required in the insurance industry and understand why it is necessary to create evidence and maintain confidentiality", Level 2, 5 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Reregistered  2023-06-30  INSETA 
    Elective  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. CKP Development Agency (Pty) Ltd 
    2. Faisit (Pty) Ltd 
    3. RJM Educational Consulting (Pty) Ltd 
    4. Sanlam Life Insurance Ltd 



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