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|SOUTH AFRICAN QUALIFICATIONS AUTHORITY|
|Further Education and Training Certificate: Retail Insurance|
|SAQA QUAL ID||QUALIFICATION TITLE|
|66609||Further Education and Training Certificate: Retail Insurance|
|SGB Insurance and Investment|
|PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY||NQF SUB-FRAMEWORK|
|The individual Primary or Delegated Quality Assurance Functionary for each Learning Programme recorded against this qualification is shown in the table at the end of this report.||SFAP - Sub-framework Assignment Pending|
|Further Ed and Training Cert||Field 03 - Business, Commerce and Management Studies||Finance, Economics and Accounting|
|ABET BAND||MINIMUM CREDITS||PRE-2009 NQF LEVEL||NQF LEVEL||QUAL CLASS|
|Undefined||140||Level 4||NQF Level 04||Regular-Unit Stds Based|
|REGISTRATION STATUS||SAQA DECISION NUMBER||REGISTRATION START DATE||REGISTRATION END DATE|
|LAST DATE FOR ENROLMENT||LAST DATE FOR ACHIEVEMENT|
|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 qualification does not replace any other qualification and is not replaced by any other qualification.
|PURPOSE AND RATIONALE OF THE QUALIFICATION|
The purpose of the Qualification is to build knowledge and skill required for licensing with the insurance. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate confidently as individuals in the South African community and to respond to the challenges of the economic environment and changing world of work as a result of regulation in Financial Services industry. It should add value to the qualifying learner in terms of enrichment of the person, status and recognition.
The Qualification covers Long-Term and Short-Term insurance related learning. It introduces a fundamental understanding of the key terms, rules, concepts and principles of insurance that will enable learners to be informed workers in the Retail Insurance industry. It provides a balanced learning experience that allows flexible access to life long learning, higher education and to productive employment. It provides an opportunity for learners to learn and apply academic skills in relation to the workplace and will allow for multi-skilling. The focus is on basic information gathering, analysis, evaluation, presentation and the ability to apply knowledge of the sub-field to solve common problems within given a familiar context. The knowledge and skills learnt towards the Qualification should make learners who sell insurance policies in the Retail Sector more informed, efficient and cost effective workers who meet the Fit and Proper Qualification requirements. This should result, in more effective and efficient service to the consumer and should make the industry more competitive and compliant in the global market.
Qualifying learners are capable of:
It is anticipated that the Unit Standards that make up this Qualification may be included in Qualifications for other sectors which have reached an agreement with the Financial Services Board that allows for an industry Qualification with Financial Services electives.
Rationale for the qualification:
The FETC: Retail Insurance is designed to meet the needs of learners who earn commission from the sale of insurance or financial service products, but do not necessarily work in the insurance sector. Learners may be employed in a variety of positions in retail outlets across a number of different industries. The Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002) imposes licensing requirements in terms of the Fit and Proper determination of the Financial Services Board (FSB). Learners who offer combinations of Long-Term and Short-Term insurance as subsidiary products or services are construed to be giving financial advice. They are therefore required to be licensed with the Financial Services Board.
The FETC: Retail Insurance is a generic Qualification that combines aspects of Long-Term and Short-Term insurance for niche markets. It allows the individual to work towards a nationally recognised Financial Services Qualification that combines features of Long and Short Term insurance. It is flexible enough to accommodate both learners in formal education and learners who already arrange Insurance within a selected industry. The intention is to promote the development of knowledge and skills that is required in Retail Insurance for licensing purposes.
Learners at this level do work that requires fundamental knowledge of appropriate legislation and the most important areas of the insurance within a business context. They require a range of skills and the ability to apply essential methods and procedures within the limits of their authority. The work roles are in retail outlets and include, but are not limited to:
The FETC: Retail Insurance should produce knowledgeable, multi-skilled workers who are FAIS compliant and are able to contribute to improved productivity and efficiency within the Retail Insurance sub-sector. It should provide the means for learners to receive recognition of prior learning, to upgrade their skills and achieve a nationally recognised Qualification. It should also assist learners who move into positions where they give financial advice but are not necessarily employed by Financial Services institutions.
|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 3 and the Level 2 Unit Standard, Investigate credit in own circumstances (NLRD 10715).
Access to the qualification:
There is open access to this Qualification bearing in mind the Learning Assumed to be in Place, detailed below.
Recognition of prior learning:
|RECOGNISE PREVIOUS LEARNING?|
|The Qualification consists of a Fundamental, a Core and an Elective Component.
To be awarded the Qualification, learners are required to obtain a minimum of 140 credits as detailed below.
The Fundamental Component consists of Unit Standards in:
It is compulsory therefore for learners to do Communication in two different South African languages, one at NQF Level 4 and the other at NQF Level 3.
For the purpose of this Qualification twelve credits are also required for Financial Literacy at Level 4. Although this is not a SAQA requirement, it is consistent with the philosophy that has been used in all Insurance and Investment Qualifications, as the Financial Services industry believes that if learners are to function in a field that manages people's money, they should be able to manage their own finances.
All Unit Standards in the Fundamental Component are compulsory.
The Elective Component consists of Unit Standards to the value of 192 credits. Learners are to choose Unit Standards to the minimum of 14 credits.
Electives selected should relate directly to the type of insurance specific to a learner's work role. This is to ensure that the Qualification is fit for purpose and meets the Financial Services Board's requirements for licensing.
The Electives cover the following areas:
Unit Standards for Trustees of Retirement Funds and Medical Schemes, including fiduciary duties may be included as learners could be elected to such positions and need to know what these positions entail. Trustee training has been identified as a national necessity by the Department of Finance and the Financial Services Board.
Unit Standards from Life Skills that serve as a means of personal development may also be included as Electives.
|EXIT LEVEL OUTCOMES|
|The focus of The FETC: Retail Insurance is on fundamental knowledge of insurance and an ability to apply appropriate processes and procedures to solve problems in a familiar context, to adjust applications when required and to motivate the change. Learners are required to apply literacy and numeracy skills to different Retail Insurance contexts. They are expected to gather, analyse and evaluate information from a range of sources and to present and communicate information reliably and accurately verbally and in writing.
Learners should have the capacity to take responsibility for their own learning within a supervised environment and should be able to evaluate their own performance and address their shortcomings.
The Exit Level Outcomes and their Associated Assessment Criteria are the following, which means that the learner will be able to:
1. Carry out basic research tasks and apply literacy and numeracy skills to analyse, interpret and evaluate information from a range of sources related to Retail Insurance.
2. Manage personal finances and risk.
3. Apply knowledge of legislation, ethics, compliance and organisational protocols in the Retail Insurance environment.
4. Apply knowledge of Short and Long-Term insurance in a retail environment.
5. Apply the skills of customer care to project a professional image and build a relationship with a client.
Exit Level Outcomes for the Critical Cross-Field Outcomes:
The learner can demonstrate ability to:
In addition this Qualification contributes to the full personal development of each learner and the social and economic development of the society at large, by making it the underlying intention of any programme of learning to make the individual aware of the importance of:
Exit points for learners who do not complete a Qualification:
|ASSOCIATED ASSESSMENT CRITERIA|
Assessment practices must be fair, transparent, valid and reliable and should ensure that no learner is disadvantaged. Learners who wish to be assessed against the competencies in the Qualification and/or associated Unit Standards should direct enquiries to the relevant ETQA.
The focus of assessment must be on the assessment of the learning outcomes rather than learning outputs. The Specific Outcomes guide the learning and training process towards the outcomes on a continuous basis. The purpose is to determine whether the outcomes have been attained. Situations should present a wide range of options. Applications should require significant choices from a wide range of procedures and in a number of contexts.
Learning, teaching and assessment are inextricably linked. Where appropriate, assessment of knowledge, skills, attitudes and values indicated in the various Unit Standards should be integrated. Assessment in Communication, Mathematical Literacy and Financial Literacy should use authentic workplace contexts wherever practical.
Assessment has a formative monitoring function. Formative assessment should be used to assess gaps in the learners' skill and knowledge and to indicate where there is a need for expanded opportunities. The goal is to promote learning and to assess the efficacy of the teaching and learning process. Feedback from assessment informs teaching and learning and allows for the critique of outcomes, methodology and materials. Formative assessment is diagnostic and as such it should guide the learner and the trainer. It is continuous and is used to plan appropriate learning experiences to meet the learner's needs. It provides information about problems experienced at different stages in the learning process. As it is criterion referenced, if the learner has met the assessment criteria, he/she has achieved the outcomes.
Assessment should also have a summative component. Summative assessment may be used on completion of a Unit Standard, but should not be the only form of assessment.
A variety of methods must be used in assessment and tools and activities must be appropriate to the context in which the learner is working. Assessment should take place in an authentic context as far as is possible. Where it is not possible to assess competence in the workplace, simulations, case studies and other similar techniques should be used to provide a context appropriate to the assessment.
Integration implies that theoretical and practical components should, where possible, be assessed together. Integrative techniques should be used to assess applied competence. Learners should be required to demonstrate that they can perform the outcomes with understanding and insight.
Assessment should ensure that all Specific Outcomes, embedded knowledge and Critical Cross-Field Outcomes are evaluated. Assessment of the Critical Cross-Field Outcomes should be integrated with the assessment of the Specific Outcomes. The Critical Cross-Field Outcomes are implicit in some Unit Standards and programmes should be designed to extend and further reflect the integration.
Before The FETC: Retail Insurance is awarded, learners are required to demonstrate competence in the required Unit Standards and complete a summative assessment based on the exit outcomes of the Qualification.
Research across international Qualifications and Qualification frameworks for a similar Qualification that would cover fundamental Long- and Short term insurance concepts for employees in Retail Insurance revealed that worldwide there is a trend for people employed in the retail industry to provide insurance related advice. There are discrete learning pathways or Unit Standards forming parts of Qualifications in international Qualifications, but there are no international Qualifications that specialise in Retail Insurance.
Previous comparisons for Financial Services Qualifications at Levels 2 and 3 established that a comparison in a country with an emerging economy is not possible at present. This is because the web sites of the countries considered are either not presented in English or their accreditation systems are based on internal quality management systems and audits and not on alignment with national standards. The web sites considered for these comparisons are:
The Countries selected for the comparison were based on the closest matches found during the research process.
United Kingdom (UK):
The focus of this UK based Qualification is on employees providing retail investment advice. From the documentation provided on the website it is not clear at what level the Qualification is set at or what is meant by retail investment advice i.e. whether the scope is intended for employees within or outside of the Financial Services industry.
"The Qualification provides knowledge and understanding that underpins achievement of the appropriate National Standards for Providing Financial Advice, which are the benchmarks for assessing the individual's ability to practice competently in the role of retail investment advice. Taken together, the Standards are the definitive statement of the knowledge and understanding, which needs to be assessed within an Appropriate Examination for investment advisers to enable them to satisfy the FSA's examination requirement, subject to the examination being regarded as appropriate by their firm".
Awarding bodies are required to devise proposals for testing this outcome. The test or tests must provide evidence of candidates' capacity, when advising on investments, which are packaged products, to demonstrate their ability to analyse, synthesise and evaluate information.
The differences between the UK and South African Qualifications are that the UK's Qualification focuses on providing Retail Investment advice, while the proposed FETC: Retail Insurance does not include investment advice. There are no Qualifications on the NVQ specifically for retail insurance, but there are equivalencies in various other Insurance Qualifications registered by the Financial Services Skills Council. These are not packaged as a specialised Retail Insurance Qualification.
The learning outcomes for the NVQ's Retail investment Advice modules are listed below, however, as the intention of the UK Qualification is investment rather than insurance advice, a full comparison is not possible. The underpinning knowledge and skills of the NVQ units correlate to various other Unit Standards across the South African Financial Services Qualifications from levels 2 - 5.
There are no key skills (fundamental) units indicated for the Skills Council for Financial Services National Standards: Retail Investment Advice Qualification.
The core Unit Standards comprising the NVQ Retail Investment Qualification cover mainly investment topics. Only topics that have equivalents in the FETC: Retail Insurance are indicated below.
> Demonstrate an understanding of:
> The process of giving financial advice, including the importance of regular reviews of the consumers circumstances
> The basic legal concepts relevant in financial advice
> The UK taxation and social security systems and how they affect personal financial circumstances
> The impact of inflation, interest rate volatility and other relevant socio-economic factors on personal financial plans
SA Unit Standards with overlapping competencies: Apply the law of contract to insurance, Indicate the scope of life insurance in South Africa; Explain the structure of the Financial Services Industry in South Africa, Apply the regulations for disclosure that are required as part of the financial sales process, Explain aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa, Apply knowledge and insight into aspects of the Long Term Insurance Act (1998), Demonstrate knowledge and insight of the financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002), Describe and apply the basic principles of personal income tax, Explain basic economics, Demonstrate knowledge and application of the Value Added Tax Act (VAT) 89 of 1991, as amended, as it applies to insurance policies.
> Demonstrate a knowledge of:
>The main aims and activities of the Financial Services Authority (FSA) and its approach to ethical conduct by firms and individuals
>How other non-tax laws and regulations are relevant to firms and to the process of advising clients
> Demonstrate an understanding of:
> The FSA's approach to regulating firms and individuals
> How the FSA rules affect the control structures of firms and their relationship wit the FSA
> How the FSA's Conduct of Business rules apply to the process of advising customers / clients
> How the anti money laundering rules apply to dealings with private and intermediate customers
> The main features of the rules for dealing with complaints and compensation
> How the data Protection Act 1998 act affects the provision of financial advice and the conduct of firms generally
The SA standards that correlate are: Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002), Apply the regulations for disclosure that are required as part of the financial sales process, Explain the Financial Intelligence Centre Act, 38 of 2001 and the implications of the act for client relations. Describe issues of compliance or non-activity that could result in civil or criminal liability in terms of business law, Explain and apply ethical conduct in a business environment, Explain aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa.
> Investment is not covered in the FETC: Retail Insurance.
> Demonstrate an understanding of:
> The purpose and scope of financial protection and how the main types of state benefit and existing protection arrangements have an impact on protection planning.
> The main types of life assurance policy, their functions, how they are arranged, the tax rules and the use of life assurance in mitigating inheritance tax and estate planning.
> The use of trusts in life assurance.
> The main types of income protection insurance policies, their functions, how they are arranged and the tax rules.
> The main types of critical illness insurance policies, their functions, how they are arranged and the tax rules.
> The main features and functions of mortgage payment protection insurance (MPPI) and accident, sickness and unemployment (ASU) insurance.
> The main features and functions of personal accident insurance.
> The main features and functions of long-term care insurance and the context in which it is used.
> The main types of medical insurance and their uses.
> The main needs for business insurance protection and how they can be met.
> Demonstrate an ability to:
> Analyse consumers' circumstances and suitable protection products, taking account of any existing arrangements
> Demonstrate an ability to apply suitable protection product solutions to specific consumers' circumstances
SA: Demonstrate knowledge and understanding of personal accident insurance; Indicate the scope of life insurance in South Africa, Explain credit life insurance, Explain house owners insurance, Describe Life Insurance and Describe Short Term Insurance.
> Retirement funding/planning is not included in the FETC: Retail Insurance. Electives in the Qualification cover aspects relating to Retirement Funds as personal empowerment.
> Demonstrate an ability to:
> Analyse consumers' circumstances and products suitable to meeting retirement needs, taking account of any existing arrangements
> Apply suitable retirement product solutions to specific consumers' circumstances
SA: Investigate the need to provide financially for own retirement, Explain fiduciary responsibilities and the associated risks, Demonstrate knowledge and understanding of the role, functions and duties of trustees of retirement funds, Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of retirement funds, Demonstrate knowledge and understanding of the role, functions and duties of trustees of medical schemes, Apply the regulations for disclosure that are required as part of the financial sales process, Explain the Financial Intelligence Centre Act, 38 of 2001 and the implications of the act for client relations.
On the Australian framework, the closest match for the FETC: Retail Insurance is the recently endorsed Certificate IV in Financial Services, provided a learner selects the retail financial services stream, which comprises four units. However, the focus is more on banking than insurance with some embedded insurance knowledge outcomes. A learner may select one unit from the Level III certificate as part of the Level IV Qualification. Retail finance electives from the level III include the following units. The SA equivalent is indicated:
> Provide customer service in a retail agency
> Prepare statistical and ad hoc reports
> Apply the skills of customer care in a specific work environment
> Apply the budget function in a business unit - there are overlapping competencies although the intentions of the Unit Standards are not entirely the same
There are some overlapping competencies with the South African Unit Standards.
> Underpinning knowledge includes:
> Knowledge of relevant legislation and statutory requirements SA: Apply the regulations for disclosure that are required as part of the financial sales process, Explain the Financial Intelligence Centre Act, 38 of 2001 and the implications of the act for client relations.
> Knowledge of industry codes of practice including Consumer Credit Code, Privacy Act, Credit Act: SA: Apply the regulations for disclosure that are required as part of the financial sales process, Explain the Financial Intelligence Centre Act, 38 of 2001 and the implications of the act for client relations; Demonstrate knowledge and insight of the Financial Advisory Services Act (FAIS) (Act 37 of 2002), Explain aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa.
> Knowledge of questioning/listening techniques: SA: Apply comprehension skills to engage oral texts in a business environment, Communicate verbally with clients in a financial services environment and Engage in sustained oral communication and evaluate spoken texts.
> Introductory knowledge of the finance industry: SA: Explain the structure of the Financial Services Industry in South Africa.
> Business law: SA: Apply the law of contract to insurance, Describe issues of compliance and/or non-activity that could result in civil or criminal liability in terms of business law.
> Insurance products available: SA: Describe life insurance, Indicate the scope of life insurance in South Africa, Describe short term insurance, and indicate the scope of short term insurance in South Africa and specific standards that deal with credit life, warranty, SASRIA, NASRIA, watercraft, personal accident insurance, house owners, household contents, personal all risks, motor, transportation, aviation, single product insurance, public liability and insurance for Sectional Titles Schemes.
> Travel products: SA: Explain the scope of travel insurance in South Africa.
> Appropriate documentation: SA: Explain insurance transactions specific to Lloyd's of London, Apply financial knowledge and skill to compile a finance agreement. Documentation is an integral part of most Unit Standards on different products.
> Knowledge of the operation and maintenance of equipment, which may include keyboard operations, security equipment, terminals, numerical displays boards, calculators, scanners: SA: Operate a computer workstation in a business environment and aspects of the Mathematical Literacy Unit Standards.
> Underpinning skills include:
> Literacy skills with regard to written documentation: SA: Apply comprehension skills to interrogate a written text in a business environment and Read analyse and respond to a variety of texts.
> Time management skills: SA: Manage time effectively to enhance productivity and enable a balanced lifestyle.
> Use of specialist product/services software: SA: Use an electronic system as a tool in a financial services context.
> Problem solving skills: SA: Apply problem-solving techniques to make a decision or solve a problem in a real life context.
> Numeracy skills in regard to calculating premiums, repayment rates: SA: Use mathematics to investigate and monitor the financial aspects of personal, business and national issues.
> Knowledge of financial accounting principles and practices: SA: Introductory knowledge of the finance industry: Describe life insurance, Indicate the scope of life insurance in South Africa, Describe short term insurance, and Indicate the scope of short term insurance in South Africa, Apply knowledge and understanding of basic accounting principles to financial services.
> Business law - SA: Apply the law of contract to insurance, Describe issues of compliance and/or non-activity that could result in civil or criminal liability in terms of business law.
> Accounting principles and business accounting: SA: Explain basic economics, Apply financial knowledge and skill to compile a finance agreement, Apply knowledge and understanding of basic accounting principles to financial services.
> Knowledge of:
> Working environment and information technology: SA: Use an electronic system as a tool in a financial services context and various IT competencies included in the critical cross field outcomes.
The New Zealand NQF was researched in an effort to find a closer match than those found in the UK and Australia. There is no Qualification that is packaged specifically for Retail Insurance although various other industry Qualifications have insurance Unit Standards included to ensure that workers who advise about or sell insurance products, but do not work in the insurance industry have the necessary knowledge and skills. The Qualifications have not been compared as a whole, but the discrete Unit Standards relating to insurance advice have been checked for synergies with the South African Qualification. The insurance units across the New Zealand retail Qualifications include:
> Provide information to purchasers regarding the availability of finance and insurance
> People credited with this Unit Standard are able to identify and quantify purchasers' finance and insurance requirements, and inform purchasers how to obtain finance and insurance
The overlaps with the SA standards are as follows: Describe the insurance of pleasure craft. The standards correlate with regard to competencies of assessing the risk associated with water craft (It is not clear if the NZ standard refers to all water craft or only those used for pleasure). The New Zealand standard competencies require the competent learner to refer the consumer to finance and insurance, which includes underpinning knowledge of financial and insurance concepts whereas the SA standard infers the same knowledge requirements but includes hands-on-involvement in processing the financing. This could possibly be covered in other units in the NZ Qualification. Furthermore, the SA standard is more in depth than its NZ counterpart in that it covers areas of extension to and exclusions from cover.
> Arrange insurance cover and loss prevention strategies in real estate firms
> This Unit Standard is for people who intend to contribute as licensees in the real estate industry. People credited with this Unit Standard are able to identify and quantify risks in real estate companies and develop strategies to minimise and prevent loss. The elements of competence (specific outcomes) include:
> Identify and quantify risks in real estate firms.
> Develop loss prevention and loss minimisation strategies and services in real estate companies.
A similar standard for the South African financial services industry would be more appropriate if included in the proposed level 5 Risk Management Qualification to be developed shortly. The Unit Standards, Demonstrate knowledge and application of Sectional Title Insurance and Explain house owners insurance involve the competencies of advising clients about insurance options regarding real estate. The competencies included in these standards are not found in the above NZ standard.
> Demonstrate knowledge of insurance for a road transport operation
> People credited with this Unit Standard are able to: identify and evaluate the financial and physical risks within a road transport operation; describe considerations impacting on insurance decisions by a road transport operation; describe insurance cover for a road transport operation; describe public liability insurance for a road transport operation; and demonstrate knowledge of material fact which can affect insurance cover and compensation for a road transport operation
SA: Describe transportation insurance - the South African standard has the following similarities: The overlaps occur with the proposed SA standards in the Transport Stream (excluding Aviation and Marine insurance) as follows:
SA: Describe transportation insurance, specifically with regard to specific outcome 4: Identify events in the news that could impact on goods that are in transit. The NZ standard has an element that has a similar risk impact analysis: "Potential risks, including possible sources of risk, are identified in relation to areas of impact. Range: sources of risk include but are not limited to - commercial and legal relations, market events, economic events, natural perils, environmental events, political circumstances, human behaviour, technology processes, technical stoppages; areas of impact include but are not limited to - asset and resource base, cost, people, community, environment, contractual risks, property damage, health, liability (public, product, professional), loss of goodwill and reputation, security; evidence is required for three different sources of risk. Both the SA and NZ standards identify describe types of insurance, insurance terminology and insurance legislation for goods in transit, but the NZ standard is limited to goods traveling by road. The major difference in the standards is that the South African Unit Standards cover concepts of international trade, not covered in the NZ standards.
> Advise on and sell travel insurance
> People credited with this Unit Standard are able to establish customer requirements and advise on travel insurance, and complete travel insurance documentation
SA: Explain the scope of travel insurance in South Africa Correlates with the NZ standard in terms of the following outcomes: Establishing customer requirements (identifying the risks), but the SA standard is much broader in terms of competencies such as:
> Describing the risks associated with travel (needed to establish client requirements).
> Explaining the role players in a travel insurance contract.
> Analysing a travel policy wording.
> Explaining the procedure in the event of a claim.
The NZ standard measures the following tasks: selling insurance and completing the documentation not measured in the SA standard) however, a learner competent in the SA standard will be able to process these tasks.
> Describe taxation, financial, and insurance responsibilities for small business owner operators
> People credited with this Unit Standard are, for a small business owner operator, able to demonstrate knowledge of taxation responsibilities, and describe financial and insurance responsibilities
Element Three (specific outcome) of this Unit Standard would be relevant for a small business owner or anyone advising a small business owner in the South African Retail Insurance Qualification, and is not covered in the proposed SA Qualification. A similar standard is under discussion for the proposed Risk Management Qualification at Level 5.
> Brief clients on legal and insurance matters for a conventions and incentives industry project.
> People credited with this Unit Standard are able to: brief clients on legislation affecting a convention and incentives industry project; brief clients on taxation matters affecting conventions and incentives industry project; and determine insurance requirements and arrange cover for a conventions and incentives industry project.
The relevant competencies of identifying insurance cover and providing relating to conventions and incentives (viz. element 3: Determine insurance requirements and arrange cover for a conventions and incentives industry project is not included in the South African Qualification. However, the level of the NZ standard is at a higher cognitive level than the proposed South African Qualification and could be considered for the proposed Level 5 Qualification in Risk Management.
UK: There is no indication on the web sites researched how the Qualification is structured in terms of key skills units and at what level the Qualification pegged.
In Australia, the following core units appear to be equivalent to South African fundamentals and must be achieved for the Certificate IV:
> Describe how to manage workplace relationships.
> Demonstrate skills and techniques required to build a relationship with a client in a financial services environment.
> Explain and apply ethical conduct in a business environment.
> And any SA standards related to legislation, as the Australian standard requires the competent learner to operate within company guidelines and comply with relevant legislation and codes of practice.
> Apply comprehension skills to engage oral texts in a business environment and
> Apply comprehension skills to interrogate a written text in a business environment,
> Engage in sustained oral communication and evaluate spoken texts,
> Read analyse and respond to a variety of texts,
> Write for a wide range of contexts.
> These competencies are covered across the Qualification by the critical cross field outcomes as well as the computer literacy electives of the FETC: Retail Insurance Qualification. It has additional elements of competency such as: Cost effective use of technology, optimal usage of IT resources including minimising waste with regard to technology, recording equipment usage.
>The following SA standards have some elements that overlap with the AQF standard although the Australian standard focuses more on the legal competencies to provide a healthy and safe working environment:
> Explain the impact of personal wellness on work performance.
> Identify causes of stress and techniques to manage it in the workplace.
It is not possible to make a definitive statement of comparison against the Qualifications and Unit Standards in UK, Australia and New Zealand as:
While previous comparisons indicate that counterparts for some of the following Unit Standards exist, there are no complementing standards found in the UK, Australian or New Zealand Qualifications and/or standards in the context of Retail Qualifications for the following South African Standards:
It can reasonably be concluded that there is no international Qualification on the frameworks researched with the same purpose as the FETC: Retail Insurance although There are Unit Standards on the UK, Australian and New Zealand Frameworks for people working in the retail industry, which have overlapping insurance related competencies similar to those in the South African Unit Standards.
|This Qualification articulates horizontally with:
|This Qualification will be internally assessed and externally moderated by a moderator registered by a relevant accredited ETQA, or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA.
|CRITERIA FOR THE REGISTRATION OF ASSESSORS|
|This Qualification 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.
|As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2012; 2015.|
|Management related Unit Standards may be included as electives as learners may be Team Leaders, Supervisors or Finance and Insurance Managers. The Unit Standards will add value to the Qualification and ensure that learners in these positions are able to perform their management functions.|
|ID||UNIT STANDARD TITLE||PRE-2009 NQF LEVEL||NQF LEVEL||CREDITS|
|Core||114983||Describe life insurance||Level 3||NQF Level 03||3|
|Core||114964||Describe short term insurance||Level 3||NQF Level 03||3|
|Core||117132||Explain basic economics||Level 3||NQF Level 03||3|
|Core||117146||Indicate the scope of life insurance in South Africa||Level 3||NQF Level 03||4|
|Core||117134||Indicate the scope of short term insurance in South Africa||Level 3||NQF Level 03||3|
|Core||117133||Manage own work performance in relation to an organisation's performance management system||Level 3||NQF Level 03||2|
|Core||117171||Manage time effectively to enhance productivity and enable a balanced lifestyle||Level 3||NQF Level 03||2|
|Core||114979||Operate a computer workstation in a business environment||Level 3||NQF Level 03||2|
|Core||120019||Analyse new developments reported in the media that could impact on Short Term insurance||Level 4||NQF Level 04||10|
|Core||14991||Apply the law of contract to insurance||Level 4||NQF Level 04||2|
|Core||117129||Apply the regulations for disclosure that are required as part of the financial sales process||Level 4||NQF Level 04||2|
|Core||119676||Apply the skills of customer care in a specific work environment||Level 4||NQF Level 04||4|
|Core||13940||Demonstrate knowledge and application of ethical conduct in a business environment||Level 4||NQF Level 04||4|
|Core||12164||Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002)||Level 4||NQF Level 04||2|
|Core||120017||Demonstrate knowledge and understanding of aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa||Level 4||NQF Level 04||2|
|Core||113903||Demonstrate skills and techniques required to build a relationship with a client in a financial services environment||Level 4||NQF Level 04||3|
|Core||14979||Describe issues of compliance or non-activity that could result in civil or criminal liability in terms of business law||Level 4||NQF Level 04||2|
|Core||14506||Explain the Finance Intelligence Centre Act, Act 38 of 2001 and its implications for client relations||Level 4||NQF Level 04||3|
|Core||119265||Manage risk in own work environment||Level 4||NQF Level 04||2|
|Fundamental||8968||Accommodate audience and context needs in oral communication||Level 3||NQF Level 03||5|
|Fundamental||8969||Interpret and use information from texts||Level 3||NQF Level 03||5|
|Fundamental||8973||Use language and communication in occupational learning programmes||Level 3||NQF Level 03||5|
|Fundamental||8970||Write texts for a range of communicative contexts||Level 3||NQF Level 03||5|
|Fundamental||9015||Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems||Level 4||NQF Level 04||6|
|Fundamental||117127||Describe and apply the basic principles of personal income tax||Level 4||NQF Level 04||3|
|Fundamental||8974||Engage in sustained oral communication and evaluate spoken texts||Level 4||NQF Level 04||5|
|Fundamental||117156||Interpret basic financial statements||Level 4||NQF Level 04||4|
|Fundamental||117158||Investigate ways of managing financial risk in own lives||Level 4||NQF Level 04||5|
|Fundamental||8975||Read analyse and respond to a variety of texts||Level 4||NQF Level 04||5|
|Fundamental||9016||Represent analyse and calculate shape and motion in 2-and 3-dimensional space in different contexts||Level 4||NQF Level 04||4|
|Fundamental||8979||Use language and communication in occupational learning programmes||Level 4||NQF Level 04||5|
|Fundamental||7468||Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues||Level 4||NQF Level 04||6|
|Fundamental||8976||Write for a wide range of contexts||Level 4||NQF Level 04||5|
|Elective||9302||Access information in order to respond to client enquiries in a financial services environment||Level 3||NQF Level 03||2|
|Elective||117111||Apply knowledge of basic accounting principles to financial services||Level 3||NQF Level 03||4|
|Elective||116966||Apply knowledge of self and own situation to manage risks resulting from change in the workplace||Level 3||NQF Level 03||3|
|Elective||13912||Apply knowledge of self and team in order to develop a plan to enhance team performance||Level 3||NQF Level 03||5|
|Elective||114952||Apply problem-solving techniques to make a decision or solve a problem in a real life context||Level 3||NQF Level 03||2|
|Elective||113909||Coach a team member in order to enhance individual performance in work environment||Level 3||NQF Level 03||5|
|Elective||9303||Communicate verbally with clients in a financial environment||Level 3||NQF Level 03||3|
|Elective||12548||Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of Retirement Funds||Level 3||NQF Level 03||4|
|Elective||12550||Demonstrate knowledge and understanding of the role functions and responsibilities of Trustees of Medical Schemes||Level 3||NQF Level 03||4|
|Elective||12547||Demonstrate knowledge and understanding of the role, functions and duties of trustees of Retirement Funds||Level 3||NQF Level 03||4|
|Elective||114943||Describe how to manage workplace relationships||Level 3||NQF Level 03||2|
|Elective||117130||Explain aviation insurance||Level 3||NQF Level 03||2|
|Elective||114932||Explain how to manage diversity in the workplace||Level 3||NQF Level 03||2|
|Elective||117135||Explain insurance transactions specific to Lloyd's of London||Level 3||NQF Level 03||2|
|Elective||113907||Explain the impact of personal wellness on work performance||Level 3||NQF Level 03||2|
|Elective||113922||Explain the structure of the financial services industry in South Africa||Level 3||NQF Level 03||3|
|Elective||114946||Identify causes of stress and techniques to manage it in the workplace||Level 3||NQF Level 03||2|
|Elective||114960||Investigate the need to provide financially for own retirement||Level 3||NQF Level 03||3|
|Elective||117128||Investigate the upside and downside business risk in hand held electronic devices.||Level 3||NQF Level 03||3|
|Elective||114984||Manage electronic mail in a business environment||Level 3||NQF Level 03||2|
|Elective||119915||Manage personal expenditure||Level 3||NQF Level 03||3|
|Elective||119681||Research costs associated with marriage, birth, divorce and death in own circumstances||Level 3||NQF Level 03||4|
|Elective||114980||Use a presentation package to produce business documents||Level 3||NQF Level 03||3|
|Elective||114977||Use a spreadsheet package to produce and manage business documents||Level 3||NQF Level 03||3|
|Elective||114975||Use a web browser in a business environment||Level 3||NQF Level 03||3|
|Elective||114978||Use a word processing package to produce business documents||Level 3||NQF Level 03||3|
|Elective||113911||Use an electronic system as a tool in a financial services context||Level 3||NQF Level 03||2|
|Elective||12154||Apply comprehension skills to engage oral texts in a business environment||Level 4||NQF Level 04||5|
|Elective||12155||Apply comprehension skills to engage written texts in a business environment||Level 4||NQF Level 04||5|
|Elective||120027||Apply financial knowledge and skill to compile a finance agreement||Level 4||NQF Level 04||2|
|Elective||117126||Apply knowledge and insight into aspects of the Long Term Insurance Act, Act 52 of 1998||Level 4||NQF Level 04||2|
|Elective||117121||Apply knowledge and insight into the Short Term Insurance Act (No 53 of 1998) and the accompanying regulations||Level 4||NQF Level 04||3|
|Elective||120022||Apply knowledge and understanding of personal accident insurance||Level 4||NQF Level 04||2|
|Elective||120016||Apply knowledge insurance of household contents||Level 4||NQF Level 04||4|
|Elective||120020||Apply knowledge of insurance to the transportation of a consignment of goods||Level 4||NQF Level 04||3|
|Elective||120011||Apply knowledge of personal all risks insurance||Level 4||NQF Level 04||2|
|Elective||113921||Apply knowledge of the sales cycle in wealth management||Level 4||NQF Level 04||3|
|Elective||14997||Apply technical knowledge and skill in order to manage risk in motor vehicle losses due to theft and hijacking||Level 4||NQF Level 04||3|
|Elective||13949||Apply technical knowledge and skill to align business unit performance to business goals||Level 4||NQF Level 04||5|
|Elective||13941||Apply the budget function in a business unit||Level 4||NQF Level 04||5|
|Elective||13942||Demonstrate a basic understanding of the role of a business strategy in managing a small business or a business unit||Level 4||NQF Level 04||5|
|Elective||120006||Demonstrate knowledge and application of aviation legislation that impacts on insurance||Level 4||NQF Level 04||3|
|Elective||120018||Demonstrate knowledge and application of Sectional Title Insurance||Level 4||NQF Level 04||3|
|Elective||119682||Demonstrate knowledge and application of the Value Added Tax (VAT) Act 89 of 1991 as amended as it applies to insurance policies||Level 4||NQF Level 04||2|
|Elective||120015||Demonstrate knowledge and understanding of house owners insurance||Level 4||NQF Level 04||3|
|Elective||120005||Demonstrate knowledge and understanding of personal motor insurance||Level 4||NQF Level 04||4|
|Elective||120008||Demonstrate knowledge and understanding of the insurance of pleasure craft||Level 4||NQF Level 04||3|
|Elective||14988||Demonstrate knowledge and understanding of the risks involved in the manufacture, use, handling and storage of dangerous and hazardous substances||Level 4||NQF Level 04||3|
|Elective||120026||Demonstrate knowledge and understanding of the Road Ordinance as it applies to motor insurance||Level 4||NQF Level 04||2|
|Elective||120013||Demonstrate knowledge and understanding of the scope of transportation insurance||Level 4||NQF Level 04||3|
|Elective||120012||Demonstrate knowledge and understanding of the scope of travel insurance in South Africa||Level 4||NQF Level 04||2|
|Elective||120023||Demonstrate knowledge and understanding of the standard in insurance cover in terms of NASRIA||Level 4||NQF Level 04||2|
|Elective||120009||Demonstrate knowledge and understanding of transportation insurance||Level 4||NQF Level 04||3|
|Elective||120014||Demonstrate knowledge and understanding of warranty as a class of insurance||Level 4||NQF Level 04||3|
|Elective||14667||Describe and apply the management functions of an organization||Level 4||NQF Level 04||10|
|Elective||117117||Describe standard insurance cover in terms of SASRIA||Level 4||NQF Level 04||4|
|Elective||15008||Determine risk exposure in order to manage the risk in a specific situation||Level 4||NQF Level 04||2|
|Elective||119260||Explain credit life insurance||Level 4||NQF Level 04||2|
|Elective||113923||Explain fiduciary responsibilities and the associated risks||Level 4||NQF Level 04||1|
|Elective||114215||Mentor a colleague to enhance the individual`s knowledge, skills, values and attitudes in a selected career path||Level 4||NQF Level 04||3|
|Elective||13947||Motivate a team||Level 4||NQF Level 04||6|
|LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION:|
|LP ID||Learning Programme Title||Originator||Pre-2009
|NQF Level||Min Credits||Learning Prog End Date||Quality
|49835||Further Education and Training Certificate: Retail Insurance||Generic Provider - Field 03||Level 4||NQF Level 04||140||INSETA||OQSF|
|62789||Further Education and Training Certificate: Retail Insurance||Milpark Education (Pty) Ltd (previously known as Milpark Business School)||Level 4||NQF Level 04||140||INSETA||OQSF|
|PROVIDERS CURRENTLY ACCREDITED TO OFFER THESE LEARNING PROGRAMMES:|
|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.
|LP ID||Learning Programme Title||Accredited Provider|
|49835||Further Education and Training Certificate: Retail Insurance||
1. African Resources & Financial Training (Pty) Ltd
2. Alcari Learning Centre (Pty) Ltd
3. Amandla Obunye Training Academy Pty Ltd
4. Ascension Business Academy (Pty) Ltd
5. CA College SA (Pty) Ltd
6. CKP Development Agency (Pty) Ltd.
7. CSG SKILLS INSTITUTE PTY LTD
8. De Vries Management & Training Services cc
9. DSBI (Pty) Ltd
10. Dymocks 1006 CC
11. F and I Academy (Pty) Ltd
12. Fachs Business Consulting and Training
13. Fais Forward Consulting Services (Pty) Ltd
14. Faisit (Pty) Ltd
15. Felix Risk Training Consultants
16. Intelligo Solutions Pty (Ltd)
17. Invuya Institute of Learning (Pty) Ltd
18. License to Skill cc
19. Masifunde Training Centre (Pty) Ltd
20. Octomate (Pty) Ltd
21. Pivotal Training Academy (Pty) Ltd
22. Teent Business College (Pty) Ltd
23. Trainsure Consultancy (Pty) 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.|