SAQA 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.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Explain the structure of the financial services industry in South Africa 
SAQA US ID UNIT STANDARD TITLE
243144  Explain the structure of the financial services industry in South Africa 
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 
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
113922  Explain the structure of the financial services industry in South Africa  Level 3  NQF Level 03  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard provides a broad introduction to the financial services industry in South Africa. It provides the background that Intermediaries require in order to introduce themselves to clients in terms of the requirements of Financial Advisory and Intermediary Services Act (FAIS). It will be useful for Intermediaries and as an introduction to the industry for new entrants to the industry.

The qualifying learner is capable of:
  • Describing the different services that are classified as financial.
  • Explaining the concept of financial planning and the role of the sub sectors in wealth creation and management.
  • Explaining the concept of a market as applied to the Financial Services industry.
  • Identifying potential clients in the financial services market. 

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

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Categories of financial service include, but are not limited to, Large, medium and small banks, the Reserve Bank, Micro-financiers, Long and Short Term Insurance, Intermediary Insurance, Asset Management, Trust Management, Collective Investment Management and South African Revenue Services.
  • Industry specific terminology includes, but is not limited to, offer, acceptance and subject matter.
  • Issues of diversity include, but are not limited to age, gender, Lifestyle Measurement (LSM) group and culture. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Describe the different services that are classified as financial. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The sub-sectors in the financial services industry are named and an indication is given of the kind of services offered in each sub-sector. 

    ASSESSMENT CRITERION 2 
    Market associations among the major financial services groups are illustrated to show the links and an indication is given of the advantages and disadvantages of such associations for financial services providers and clients. 

    ASSESSMENT CRITERION 3 
    The position of the learner's own organisation in the financial services industry is explained with reference to sector, sub-sector and financial services offered by the organisation. 

    ASSESSMENT CRITERION 4 
    The role of intermediaries in the industry is outlined in relation to the service provided to the client and the industry and an indication is given of how FAIS legislation impacts on the relationship between intermediaries and the financial services industry. 

    SPECIFIC OUTCOME 2 
    Explain the concept of financial planning and the role of the sub sectors in wealth creation and management. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concepts of insurance and pooling of risk are explained in relation to personal risk management. 

    ASSESSMENT CRITERION 2 
    The roles of insurance, investment and banking are explained in relation to personal financial planning and the types of products offered by each. 

    ASSESSMENT CRITERION 3 
    Industry specific terminology is explained and used in the context of a financial services contract. 

    SPECIFIC OUTCOME 3 
    Explain the concept of a market as applied to the Financial Services industry. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of a market is explained with examples. 

    ASSESSMENT CRITERION 2 
    The markets of the different sectors of financial services industry are compared with reference to the principles of trade that define markets. 

    SPECIFIC OUTCOME 4 
    Identify potential clients in the financial services market. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Basic needs common to all people are identified and an indication is given of when people could be expected to perceive a need for financial services. 

    ASSESSMENT CRITERION 2 
    Environmental, family and health factors that may motivate people to select a specific financial service are identified with examples. 

    ASSESSMENT CRITERION 3 
    Different needs for financial services are discussed with reference to attitudes, values and factors that influence an individual's choice of financial service. 

    ASSESSMENT CRITERION 4 
    Issues of diversity are discussed with reference to the needs of potential clients and the dangers of stereotyping. 


    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 COLLECTING 
    The learner is able to collect, organise and evaluate information in identifying examples of organisations and market associations in the financial services sector. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining concepts related to the Financial Services Industry and using industry related terminology appropriately. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in explaining the advantages and disadvantages of market associations for financial service providers and clients. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to demonstrate cultural sensitive across a range of social contexts in recognising issues of diversity and the dangers of stereotyping in a financial services context. 

    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 113922, ' Explain the structure of the financial services industry in South Africa ', Level 3, 3 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2021-06-30  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.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. CKP Development Agency (Pty) Ltd. 
    3. De Vries Management & Training Services cc 
    4. Faisit (Pty) Ltd 
    5. Masifunde Training Centre (Pty) Ltd 
    6. Milpark Education (Pty) Ltd (previously known as Milpark Business School) 
    7. Ray Strodl Consulting (Pty) Ltd 
    8. RJM Educational Consulting (Pty) Ltd 
    9. 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.