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

Indicate how different needs lead to the development of different Financial Service products 
SAQA US ID UNIT STANDARD TITLE
114985  Indicate how different needs lead to the development of different Financial Service products 
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 3  NQF Level 03  4 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

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
8987  Indicate how different needs lead to the development of different insurance products  Level 3  NQF Level 03  4   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard introduces the background needed to deepen understanding of the people who make up the financial services market in South Africa. It allows for the collection, presentation and interpretation of data that provides insight into the industry.

The qualifying learner is capable of
  • Surveying opinions on the need for financial services in two different communities.
  • Comparing the different markets for financial services.
  • Matching the needs of potential customers with available products.
  • Interpreting statistical information to determine the financial service most valued by two communities. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should competent in Communication and Mathematical Literacy at NQF Level 2. 

    UNIT STANDARD RANGE 
    The ttpical scope of this unit standard is:
  • A survey of a sample of 10 people from two different communities.
  • Formulation of a questionnaire to establish why people would/not use selected financial services.
  • Graphic presentation in a bar graph or pie chart.
  • Classification of investment markets: individual, groups, corporate, unions.
  • Decision making/selection of a product according to own needs.
  • Particular events include loss, e.g. burglary, death, legal disability; change in health status e. g. onset of dread disease; change in life status e.g. birth, adoption of a child, marriage, divorce, retrenchment, retirement.
  • Products refer to financial services products including, but not limited to, Endowment, Retirement Annuity, Life Policy, Healthcare Cover, Collective Investments, Funeral, Short Term Risk and multi-class type policies and banking products.
  • Published data accessed from Annual Reports, Statistics SA, HSRC and newspapers. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Survey opinions on the need for financial services in two different communities. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The financial service needs of two different communities are compared in terms of their lifestyle, needs, buying power and value systems. 

    ASSESSMENT CRITERION 2 
    The reasons why people would/would not choose a financial services investment are explored by means of a survey. 

    ASSESSMENT CRITERION 3 
    Existing financial services products offered by various providers are listed and compared to the community needs identified in the survey. 

    ASSESSMENT CRITERION 4 
    A gap analysis is conducted to identify where the existing products do not meet the consumer needs for the communities surveyed. 

    ASSESSMENT CRITERION 5 
    The information obtained from the survey is represented graphically. 

    SPECIFIC OUTCOME 2 
    Compare the different markets in South Africa for financial services. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The different financial services markets are classified and compared and reasons for the differences between the markets are given with reference to the historical and cultural situation in South Africa. 

    ASSESSMENT CRITERION 2 
    The potential for marketing the different financial services products is explored in terms of the nature of services needed by the different market sectors. 

    ASSESSMENT CRITERION 3 
    The effects of a particular event on a person are compared for a scenario with or without insurance or investment. 

    ASSESSMENT CRITERION 4 
    Actions that constitute fraud and non-declaration are indicated and measures that are taken to reduce fraud are explained with reference to a selected sub-sector. 

    ASSESSMENT CRITERION 5 
    Existing avenues of insurance and investment are investigated for consumers in lower income groups. 

    SPECIFIC OUTCOME 3 
    Match the needs of potential customers with available products. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Data from the survey of the two communities is used to group people according to their requirements for financial services. 

    ASSESSMENT CRITERION 2 
    The wants and needs of people are compared for different groups in terms of age, income, commitments and priorities. 

    ASSESSMENT CRITERION 3 
    The different products and services available in the industry are named and an indication is given of the profile of potential customers who are most likely to invest in the products indicated. 

    ASSESSMENT CRITERION 4 
    Two similar products offered by two selected financial services organisations are named and a decision is made as to which of the products offers the best value for money in the learner's opinion and circumstances. 

    ASSESSMENT CRITERION 5 
    Suggestions are made for new products that combine or offer different combinations of insurance or investments or meet different needs of potential new customers. 

    ASSESSMENT CRITERION 6 
    A plan is presented for an awareness or advocacy campaign to introduce the idea of insurance or investment to potential new customers. 

    SPECIFIC OUTCOME 4 
    Interpret statistical information to determine the type of financial service. 
    OUTCOME NOTES 
    Interpret statistical information to determine the type of financial service most valued by the two communities. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Different interpretations that could be given to the data from own and other's surveys are considered and compared in terms of the most valued types of financial service. 

    ASSESSMENT CRITERION 2 
    The survey data is interpreted and possible reasons are suggested for trends indicated in the data. 

    ASSESSMENT CRITERION 3 
    The type of financial service most valued by different communities is compared from published statistics at different periods over the past 5 years. 

    ASSESSMENT CRITERION 4 
    Published data is interpreted and possible social, political and environmental reasons are suggested for trends in the data. 

    ASSESSMENT CRITERION 5 
    Implications of the trends in different communities are indicated for the financial services industry. 


    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 
  • A learner is able to act as a responsible citizen in the organisation and his/her community by identifying what constitutes fraud and by indicating or suggesting what measures could be used to reduce fraud.
  • A learner is able to identify entrepreneurial opportunities by exploring the potential for marketing financial services products, and by planning an awareness campaign to introduce the concept of insurance and investment to new customers. 
    		•

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners can identify and solve problems by interpreting the data collected from their own surveys and by making decisions regarding products affording the best value for money. 

    UNIT STANDARD CCFO ORGANISING 
    A learner is able to organise and manage his/her activities responsibly and effectively when developing a questionnaire and scheduling interviews for Specific Outcome "Survey opinions on the need for financial services in two different communities". 

    UNIT STANDARD CCFO COLLECTING 
    A learner is able to collect, organise and evaluate information when interpreting the statistical information accumulated during the interviews with his/her sample group. 

    UNIT STANDARD CCFO COMMUNICATING 
    A learner is able to communicate effectively using visual, mathematics and language skills when interviewing a sample of the community and presenting the findings graphically and visually. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners can demonstrate cultural sensitivity by understanding individual preferences most valued by different communities in terms of their financial services needs. 

    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 8987, "Indicate how different needs lead to the development of different Financial Service products", Level 3, 4 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Core  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-07-30  As per Learning Programmes recorded against this Qual 
    Elective  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  49356   Further Education and Training Certificate: Medical Claims Assessing  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2012-06-30  INSETA 
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    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.