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

Determine the needs and wants of an entity in order to propose an appropriate financial solution 
SAQA US ID UNIT STANDARD TITLE
242573  Determine the needs and wants of an entity in order to propose an appropriate financial solution 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5  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
14519  Determine the needs and wants of an entity at risk in order to propose an appropriate financial solution  Level 5  Level TBA: Pre-2009 was L5  4   

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for people who are required to conduct a needs analysis in order to propose an appropriate financial solution. It is relevant to Trustees, Principal Officers, learners in Actuarial positions, Underwriters, Trust Funds, Financial Advisors, Intermediaries, Financial Planners, Retirement Fund Consultants, Broker Consultants, Financial Planners and Product Developers.

The qualifying learner is capable of:
  • Obtaining information in order to determine a risk profile and ascertain the needs of an entity.
  • Analysing information to crystallise the needs of an entity.
  • Determining potential financial solutions.
  • Comparing and evaluating a potential solution against key financial aspects.
  • Proposing a potential financial solution to an entity. 
    		•

    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 4. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • An analysis tool may be pen and paper or electronic.
  • Appropriateness includes, but is not limited to, tax efficiency, investment, retirement and estate planning and risk profile.
  • Key assumptions include, but are not limited to, key indices, life expectancy, protection, lifestyle and term. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Obtain information in order to determine a risk profile and ascertain the needs of an entity. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Questions are asked to obtain background information, and to ascertain the needs, wants and current financial position of an entity. 

    ASSESSMENT CRITERION 2 
    Probing questions are asked to identify and clarify priorities and problems and ascertain the financial wellbeing of the entity. 

    ASSESSMENT CRITERION 3 
    Questions are asked to test possible solutions. 

    SPECIFIC OUTCOME 2 
    Analyse information to crystallise the needs of an entity. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    An analysis tool is used to assess the needs of the entity in relation to potential risk. 

    ASSESSMENT CRITERION 2 
    The problem or risk is quantified for actual or potential events. 

    ASSESSMENT CRITERION 3 
    The regulations for the financial needs analysis are explained with reference to the Financial Advisory and Intermediary Services Act (FAIS), Finance Intelligence Centre Act (FICA), Prevention of Organised Crime Act (POCA) and Protection of Constitutional Democracy Against Terrorism and Related Activities Act (POCDATARA). 

    SPECIFIC OUTCOME 3 
    Determine potential solutions. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    A holistic picture is compiled of an entity at risk. 

    ASSESSMENT CRITERION 2 
    Knowledge of socio economic and political trends is applied to the needs of an entity. 

    ASSESSMENT CRITERION 3 
    Potential solutions are matched to explicit needs and a range of possible options is formulated for a specific entity. 

    SPECIFIC OUTCOME 4 
    Compare and evaluate a potential solution against key financial aspects. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Current and proposed solutions are compared and assessed to determine the appropriateness for an entity. 

    ASSESSMENT CRITERION 2 
    The entity's current cash flow situation is compared to the cash flow resulting from the proposed solution. 

    ASSESSMENT CRITERION 3 
    The proposed solutions are evaluated against legal requirements. 

    SPECIFIC OUTCOME 5 
    Propose a potential financial solution to an entity. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    A range of options is explained at an appropriate level to allow an entity to make an informed decision. 

    ASSESSMENT CRITERION 2 
    The implications of changes in key assumptions are explained with reference to information on risk, terms, liquidity and other features of the solution. 

    ASSESSMENT CRITERION 3 
    A written proposal is formulated as required by current legislation and company practice. 


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

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems in which responses show that responsible decisions using critical thinking have been made in identifying potential financial risk and proposing a solution. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in conducting a needs analysis and proposing a possible financial solution. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematics and language skills in explaining features of a solution and presenting a written proposal. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation in applying knowledge of financial risk and available financial instruments and insurance products to propose a potential financial solution. 

    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 14519, "Determine the needs and wants of an entity at risk in order to propose an appropriate financial solution", Level 5, 4 credits.

    Search words: needs analysis, financial needs analysis, FNA. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  66611   National Certificate: Wealth Management  Level 5  NQF Level 05  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 
    Elective  57918   National Certificate: Short Term Insurance  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "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.
     
    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.