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

Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers 
SAQA US ID UNIT STANDARD TITLE
14518  Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers 
ORIGINATOR
SGB Financial Services 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 
2003-08-13  2006-08-13  SAQA 0249/03 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2007-08-13   2010-08-13  

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 is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
230075  Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers  Level 5  Level TBA: Pre-2009 was L5   

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

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

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this Unit Standard. Learners should be competent in Communication and Mathematical and Financial Literacy at NQF Level 4. 

    UNIT STANDARD RANGE 
    Historical factors include the nature of financial services, levels of education in the industry, ethics and disempowerment. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse financial services industry in South Africa. 

    ASSESSMENT CRITERIA
     

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

    ASSESSMENT CRITERION 2 
    2. The interdependence of the various role players in the financial services industry is illustrated graphically. 

    ASSESSMENT CRITERION 3 
    3. The learner's own role in the financial services structure is described with reference to where the individual fits into the broader structure. 

    ASSESSMENT CRITERION 4 
    4. Relationships that are necessary between a person in the learner's position and the different structures in the industry are identified and rated in terms of the importance of each relationship and the associated risk. 

    SPECIFIC OUTCOME 2 
    Interpret recent or proposed changes to the regulatory environment. 

    ASSESSMENT CRITERIA
     

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

    ASSESSMENT CRITERION 2 
    2. Legislation that regulates a specific sub sector of financial services is named and explained as it applies to the learner's own position. 

    ASSESSMENT CRITERION 3 
    3. The impact of recent or proposed changes in best practice are interpreted with reference to real or potential impact on a specific work situation within the industry. 

    ASSESSMENT CRITERION 4 
    4. The implications of non-compliance with the regulatory environment are explained in terms of financial and reputation risk and penalties. 

    SPECIFIC OUTCOME 3 
    Interpret changes in the professional environment. 

    ASSESSMENT CRITERIA
     

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

    ASSESSMENT CRITERION 2 
    2. The need for an ethical environment in the industry is discussed with reference to professional best practice within the industry. 

    ASSESSMENT CRITERION 3 
    3. The importance of life long learning within the financial services industry is explained with reference to current trends. 

    SPECIFIC OUTCOME 4 
    Interpret changes in the consumer environment. 

    ASSESSMENT CRITERIA
     

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

    ASSESSMENT CRITERION 2 
    2. Changes in attitudes and values of consumers over the past five years are analysed and interpreted in terms of how these have impacted on the financial services industry. 

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

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

    SPECIFIC OUTCOME 5 
    Interpret changes in the business environment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Five innovations in technology that have changed the business environment are examined and assessed in terms of impact. 

    ASSESSMENT CRITERION 2 
    2. The impact of recent changes in legislation on the business environment is explained with examples. 

    ASSESSMENT CRITERION 3 
    3. Different models of income generation within the financial services industry are analysed and an appropriate model is selected for a particular business. 

    ASSESSMENT CRITERION 4 
    4. Issues of corporate governance and the implications for financial services related businesses are discussed and interpreted for a specific entity. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA (INSQA framework for assessment and moderation). 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

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

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

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

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

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

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 230075, which is "Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers", Level 5, 6 Credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Fundamental  49834   National Certificate: Financial Services: Long-Term Risk Assessment  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Fundamental  23973   National Certificate: Financial Services: Wealth Management  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Registered" 
    2006-08-13  Was INSETA until Last Date for Achievement 
    Fundamental  49860   National Diploma: Financial Services: Long-Term Risk Assessment  Level 5  NQF Level 05  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. 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.