National Certificate in Insurance Administration. NQF Level 3. Learner Material

Transcription

1 Working together for a skilled tomorrow National Certificate in Insurance Administration NQF Level 3 Unit Standard 8986: Research the history of Financial Services in SA. Credits: 10 Notional Hours of Learning: 100 Learner Material This outcomes-based learning material was developed by IISA with funding from INSETA in March The material is generic in nature. It s purpose is to serve as a guide for the further development and customization of company-specific, learner-specific and situation-specific learning interventions.

2 Page 2 Contents Topic Page Unit Standard...3 Learner Material...7 Instructions...7 Process/Activities...8 Guide for Assessment...11 Critical Crossfield Outcomes...12 Oral Assessment...13 Additional Notes...14 Annexure A...17 Annexure B...18

3 Page 3 1. TITLE: Research the history of the Financial Services industry in South Africa 2. UNIT STANDARD NUMBER: LEVEL ON NQF: 3 4. CREDITS: FIELD: Business, Commerce and Management Studies SUB FIELD: Finance, Economics and Accounting 6. ISSUE DATE: 7. REVIEW DATE: 8. PURPOSE: This unit standard provides a background to the financial services industry in South Africa. It introduces an historical aspect that allows learners to compare change in the industry over time. It addresses knowledge relevant to the financial services sector and requires comprehension, the application of knowledge and the ability to compare and interpret information. It will assist learners in becoming knowledgeable and informed workers in the financial services sector. The qualifying learner is capable of Comparing the various sectors of financial services and organisations that operate in the industry. Investigating the history of different aspects of financial services in South Africa in relation to the needs of customers and services offered to meet those needs. Comparing the role of technology in the financial services sector during different periods and the impact that it has had on the kinds of services offered. Investigating alternative avenues for loans and investments outside of the regulated financial services industry. Explaining how to raise and deposit money outside of the regulated industry and the consequences of using an unregulated environment. Knowing why some customers select an unregulated avenue and the risks involved in such a decision. Applying questioning techniques to obtain information. 9. LEARNING ASSUMED TO BE IN PLACE: There is open access to this Unit Standard. Learners should be able to Identify the various sectors of financial services and organisations that operate in the industry. Understand the context and role of the insurance sector in the financial services industry. Be competent in Communication and Mathematical Literacy at level 2

4 Page SPECIFIC OUTCOMES AND ASSESSMENT CRITERIA: SO Description Assessment Criteria 1. Compare the different services that are classified as financial. 1.1 The various categories of financial service are described and similarities and differences between the different categories are indicated using terminology accepted within the financial services industry. 1.2 Business processes common to a variety of financial services are described and an indication is given of possible variations in the processes between providers. 1.3 Two companies offering different financial services are compared in terms of the range of services offered and standing in the industry. 1.4 The reasons for the existence of the banking and insurance sub-sectors are explained and suggestions are made as to the possible effect that there would be on financial services should one of the sub-sectors cease to exit. 1.5 The different services offered in banking and insurance are compared and arguments are presented for and against bankassurance. 1.6 A decision is made as to which sub-sector would be most suitable to meet a specific financial need. 2. Investigate the history of banking in South Africa 3. Investigate the history of one of the insurance sub sectors in South Africa 2.1 The needs and wants of customers in 21st Century are compared for two different periods in the history of South Africa. 2.2 Products and services now and in the two periods selected are compared in terms of identified needs and wants and the changes in these over time. 2.3 Possible reasons for the change in needs and wants are indicated with reference to changing social, political and economic conditions. 2.4 Technology (including tools and instruments) that has impacted on the range of services offered in the financial services sector is identified and an explanation is given as to how technology impacted on banking. 2.5 A process used in an organisation is described and compared with and without the use of technology with reference to time, cost to company and customer service. 2.6 The skills needed by workers in banks now and in the past are identified and compared with an indication of how the skills of employees in a bank have changed over time. 2.7 The implications of changes in technology and the world of work for workers in the banking sector are indicated in terms of skills needed and career paths. 2.8 A possible scenario for banking in the future is presented demonstrating creative thinking, problem solving, team work and ability to anticipate the changing world of technology and work. 3.1 The needs and wants of customers in the 21st Century are compared to two different periods in the history of South Africa. 3.2 Products and services now and in the two periods selected are compared in terms of identified needs and wants and the changes to these over time. 3.3 Possible reasons for the change in needs and wants are indicated with reference to changing socio, political,

5 Page 5 environmental and economic conditions. 3.4 Technology (including tools and instruments)that has impacted on the range of services offered in the financial services sector is identified and an explanation is given as to how technology has impacted on insurance. 3.5 A process used in an organisation is described and compared with or without the use of technology with reference to time, cost to company and customer service. 3.6 The skills needed by workers in the insurance sub-sector now and in the past are identified and compared with an indication of how the skills of employees in an organisation have changed over time. 3.7 The implications of changes in technology and the world of work for workers are indicated in terms of skills needed and career paths in the insurance sector. 3.8 A possible scenario for insurance in the future is presented demonstrating creative thinking, problem solving, team work and ability to anticipate the changing world of technology and work. 4. Investigate the history of the unit trust sector in South Africa 5. Investigate alternative avenues for obtaining loans or making investments outside of the formal financial services sector. (Range: micro lenders, stokvels, pawnshops, funeral societies, pyramid schemes) 4.1 The investment needs of customers are compared and reasons are given for the development of unit trusts as a form of investment. 4.2 Products and services now and in two different decades since 1969 are compared in terms of identified needs and wants and the changes in these over time. 4.3 The effect of the 1969 Johannesburg Stock Exchange (JSE) crash on the unit trust industry is examined and positive and negative effects are identified. 4.4 Technology (including tools and instruments) that has impacted on the accessibility and range of services offered in the unit trust sector is identified and an explanation is given as to how technology has impacted on the industry. 4.5 The role of managed prudential funds is described with reference to retirement funding. 4.6 The effect of the 1994 elections on the unit trust industry is described by comparing the unit trust industry before and after the elections. 4.7 The effect of globalisation on the unit trust industry is explained with reference to a selected organisation or fund. 4.8 A possible scenario for unit trusts in the next decade is presented indicating creative thinking, problem solving, teamwork and ability to anticipate the changing world of investment and technology. 5.1 Alternative avenues for obtaining loans and making investments are named and classified in terms of whether they are regulated or unregulated. 5.2 Rates of interest charged in a regulated and unregulated organisation are compared in terms of value for money. 5.3 Customers in the regulated financial services sector and the alternate system are compared and reasons are given to explain why some customers choose to use the informal/unregulated service. 5.4 The terms under which loans and investments are made in the formal and informal sectors are compared and an indication is given of the avenues that are available to dissatisfied customers in each system. 5.5 The risk to the customer and money lender in a non-regulated environment are indicated and an explanation is given as to

6 Page 6 how the risk affects the rate. 5.6 The legislation (Acts and Regulations) that regulate the financial services sector is listed and an indication given as to which Acts apply to the formal and alternative sectors. 5.7 The advantages and disadvantages of the regulated and alternate systems are summarised and financial services legislation is interpreted as it applies to both systems. 5.8 An explanation is given of the role of the Micro Lenders Association (SAMLA) in the micro lending industry. 5.9 A set of questions is compiled that could help a person seeking a loan or investment to make a decision about whether to apply to or invest in a registered institution or use an unregulated option ACCREDITATION AND MODERATION: 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. 12. RANGE STATEMENT: The typical scope of this unit standard is 1. Short term, long term and healthcare benefits administration 13. NOTES: CRITICAL CROSS-FIELD and DEVELOPMENTAL OUTCOMES: This unit standard supports in particular, the following critical cross field outcomes at unit standard level: 1. Learners can collect, organise and evaluate information by comparing the different categories of financial services. 2. Learners can work effectively as a member of a team when presenting possible scenarios for insurance in the next decade. 3. Learners can communicate effectively using visual, mathematics or language skills when presenting descriptions, comparisons and arguments for and against various financial services and the emergence of bankassurance. 4. Learners can organise and manage themselves responsibly by researching the information required by this Unit Standard. 5. Learners can organise their personal financial needs by understanding and comparing the different financial services available and by deciding on which sub-sector will best meet their financial need. 6. Learners can demonstrate an understanding of the world as a set of related systems when investigating and comparing modern customers needs to past requirements and the changes in needs and wants regarding financial services. 7. Learners can explore educational and career opportunities by identifying the skills needed by workers in banks, insurance organisations and their own organisation. 8. Learners can research the development of science and technology in the financial services sector and can critically compare processes followed with or without the use of technology. 9. Learners can explore a variety of strategies to learn more effectively through researching the history of the financial services industry in South Africa. 10. Learners can participate as responsible citizens in understanding the risk associated with money lending in a non-regulated environment and by exploring the advantages and disadvantages of the regulations and alternative systems of money lending.

7 Page 7 INSTRUCTIONS This task is expected to take you about 12 weeks to complete and will require 100 hours of reading, research and response by you Your notes, summaries, written feedback, and transcribed oral feedback (where applicable) must be collected and stored in a portfolio. The portfolio can be a flip file, scrapbook or exercise book. Each article / notes or summary should be neatly pasted, dated and headed Specific Outcome 1, 2, 3, 4 or 5 depending on what aspect it covers. Your portfolio will be assessed at the end of the twelve-week period. During the twelve weeks, you should have regular contact and discussion sessions with your trainer / facilitator. During these sessions the progress of your portfolio will be checked. Should you live in a rural / distant area, your contact session can be telephonic / via fax or via . At these contact sessions you will be asked to comment on some of the articles you selected and this oral input will form part of your assessment for this unit standard. After three months you will also need to fill in a questionnaire as part of the assessment of this unit standard.

8 Page 8 ACTIVITIES Number Aspect of task Done Specific Outcome 1: Compare the different services that are classified as financial Action 1 Specific Outcome 1: Investigate the history of banking in South Africa Action 2 Do PERSONAL RESEARCH to obtain information regarding the different services that are classified as financial. Once you have this information, write down (or type) on a piece of paper the answers to the following questions: (The answers to the questions below need not be longer than a paragraph each.) Describe the various categories of financial service and write down where the different categories are the same or different, using terminology accepted in the financial services industry. Describe business processes common to a variety of financial services and indicate possible variations in the processes between providers. Compare the range of services offered and standing in the industry of the two companies offering difference financial services. Explain why the banking and insurance sub-sectors exist and suggest what effect that there might be on financial services should one of the sub sectors cease to exit. Compare the different services offered in banking and insurance and present four (4) arguments for and four (4) against bank assurance. Decide which sub-sector would be most suitable to meet a specific financial need (chosen by you). Do PERSONAL RESEARCH to obtain information regarding the history of banking in South Africa. Once you have this information, write down (or type) on a piece of paper the answers to the following questions (the answers to the questions below need not be longer than a paragraph each): Compare the needs and wants of bank customers in the 21 st Century to those of consumers in two previous periods in the history of South Africa chosen by you. Compare the products and services now and in the two periods selected referring to identified needs and wants and the changes in these over time. Indicate possible reasons for the change in needs and wants with reference to changing social, political and economic conditions. Identify the technology (including tools and instruments) that has impacted on the range of services offered in the financial services sector over the past few decades and, in specific, explain how technology impacted on banking. Describe a selected process of your choice used in a banking organisation and compare it with and without the use of technology with reference to time, cost to company and customer service. Identify the skills needed by workers in banks now and in the past and compare these with those of the present, showing the change over time. Describe three implications of changes in technology and the world of work for workers in the banking sector as they

9 Page 9 Number Aspect of task Done affect skills needed and career paths. Present a possible scenario for banking in the future by demonstrating creative thinking, problem solving, teamwork and ability to anticipate the changing world of technology and work. Specific Outcome 1: Investigate the history of one of the Insurance sub sectors in South Africa Action 3 Specific Outcome 1: Investigate the history of the unit trust sector in South Africa Action 4 Do PERSONAL RESEARCH to obtain information regarding the history of one of the insurance sub sectors in South Africa. Once you have this information, write down (or type) on a piece of paper the answers to the following questions (the answers to the questions below need not be longer than a paragraph each): Compare the needs and wants of customers in the chosen sub-sector in the 21 st Century to those in two other different periods in the history of South Africa. Compare the products and services offered in the subsector now to those offered in the two periods selected in relation to needs and wants and the changes of these over time. Indicate two possible reasons each for the change in needs and wants in the sub-sector, due to changing socio, political, environmental and economic conditions. Identify technology (including tools and instruments) that has impacted on the range of services offered in the financial services sector and explain how technology has impacted on the insurance sub-sector that you have chosen. Describe a chosen process used in an organisation in the sub-sector and compare it with or without the use of technology with reference to time, cost to company and customer service. Identify the skills needed by workers in the chosen insurance sub-sector now and in the past and show how these have changed over time. Indicate the implications of changes in technology and the world of work for workers in terms of skills needed and career paths in the chosen sub-sector. Present a possible scenario for insurance in the future demonstrating creative thinking, problem solving, team work and ability to anticipate the changing world of technology and work. Do PERSONAL RESEARCH to obtain information regarding the history of the unit trust sector in South Africa. Once you have this information, write down (or type) on a piece of paper the answers to the following questions (the answers to the questions below need not be longer than a paragraph each): Identify the investment needs of customers and give reasons for the development of unit trusts as a form of investment. Compare the products and services offered by this subsector now to those in two different decades since 1969 in terms of identified needs and wants and the changes in these over time. Examine the effect of the 1969 Johannesburg Stock Exchange (JSE) crash on the unit trust industry and identify

10 Page 10 Number Aspect of task Done three positive and three negative effects. Identify technology (including tools and instruments) that has impacted on the accessibility and range of services offered by the unit trust sector and give an explanation as to how technology has impacted on the industry. Describe the role of managed prudential funds in retirement funding. Describe the effect of the 1994 elections on the unit trust industry by comparing the unit trust industry before and after the elections. Explain the effect of globalisation on the unit trust industry with reference to a selected organisation or fund. Present a possible scenario for unit trusts in the next decade indicating creative thinking, problem solving, teamwork and ability to anticipate the changing world of investment and technology. Once you have answered these questions, paste the answers into your portfolio of evidence, and number them clearly : Specific Outcome 1 Number 4 Specific Outcome 1: Investigate alternative avenues for obtaining loans or making investments outside of the formal financial services sector (Range: micro lenders, pawn shops, stokvels, pawn shops funeral societies, pyramid schemes) Action 5 Do PERSONAL RESEARCH to obtain information regarding alternative avenues for obtaining loans or making investments outside of the formal financial services sector. (Range: micro lenders, stokvels, pawn shops, funeral societies, pyramid schemes.). Once you have this information, write down (or type) on a piece of paper the answers to the following questions (the answers to the questions below need not be longer than a paragraph each): Name and classify six (6) alternative ways of obtaining loans and making investments (either regulated or unregulated). Compare the rates of interest charged by a regulated and an unregulated organisation in terms of value for money. Compare customers in the regulated financial services sector to those in the unregulated system and give three reasons why some customers choose to use the informal/unregulated service. Compare the terms under which loans and investments are made in the formal and informal sectors and give an indication of the how dissatisfied customers in each system can seek to sort problems out. Indicate the extra risk to the customer and the money lender in a non-regulated environment and explain how the risk affects the rate. List the legislation (Acts and Regulations) that regulate the financial services sector and give an indication as to which Acts apply to the formal and alternative/informal sectors. Summarize the advantages and disadvantages of the regulated and alternate banking systems and interpret the financial services legislation as it applies to both systems. Explain the role of the Micro Lenders Association (MLA) in the micro lending industry. Draw up a set of questions that could help a person seek a loan or investment to make a decision about whether to use registered institution or an unregulated one.

11 Page 11 GUIDE FOR ASSESSMENT OF PORTFOLIOS Assessment Criteria SPECIFIC OUTCOME 1 Compare the different services that are classified as financial. SPECIFIC OUTCOME 2 Investigate the history of banking in South Africa SPECIFIC OUTCOME 3 Investigate the history of one of the insurance sub sectors in South Africa Learner is competent The questions concerning different services classified as financial are answered correctly The answers are pasted into the portfolio of evidence The questions concerning the history of banking in SA are answered correctly The answers are pasted into the portfolio of evidence The questions concerning the history of the insurance sub-sectors in SA are answered correctly. The answers are pasted into the portfolio of evidence Learner is not yet competent All or part of each activity not done or incomplete NOT done or all questions not answered SPECIFIC OUTCOME 4 Investigate the history of the unit trust sector in South Africa SPECIFIC OUTCOME 5 Investigate alternative avenues for obtaining loans or making investments outside the formal financial services sector (Range: micro lenders, stokvels, pawn shops, funeral societies and pyramid schemes) The questions regarding the history of the unit trust sector in SA are answered correctly. The answers are pasted into the portfolio of evidence. The questions regarding the alternative avenues for obtaining loans are answered correctly. The answers are pasted into the portfolio of evidence.

12 Page 12 CRITICAL CROSSFIELD OUTCOMES MATRIX FOR ACTIVITIES RELATED TO UNIT STANDARD Activity Solve problems / Make Decisions Teamwork Organisation Information Communicate Technology Related Systems Personal Development

13 Page 13 ORAL ASSESSMENT The trainer will use this table to monitor your participation during the discussions at your contact sessions. You are expected to contribute during each of the contact sessions. Action Yes No The learner brought summaries and notes made to the session for discussion. The learner makes notes during the discussion, where notes are required to be transcribed. The learner demonstrates his / her knowledge and understanding by being able to discuss: The various sectors of financial services and organisations that operate in the industry. The history of different aspects of financial services in South Africa in relation to the needs of customers and services offered to meet those needs. The role of technology in the financial services sector during different periods and the impact that it has had on the kinds of services offered. Alternative avenues for loans and investments outside of the regulated financial services industry. Means of raising and depositing money outside of the regulated industry and the consequences of using an unregulated environment. Reasons why some customers select an unregulated avenue and the risks involved in such a decision. The application of questioning techniques to obtain information. The learner can take part in group discussions by talking about other learner s feedback and reports. LIFELONG LEARNING This module has introduced you to the history of the Financial Services industry in South Africa. It is important to understand this module, since you will regularly have to advise on and operate within this industry.

14 Page 14 ADDITIONAL NOTES Facilitators Notes. The specific objectives of this programme are: The qualifying learner must be able to: 1. Explain and go through the unit standard with the learners so that they can understand fully what is expected of them 2. Provide articles or other information relating to the history of the Financial Services industry in South Africa. 3. Hand out some articles you have sourced to the learners, so that they can see that it is not so difficult to find information 4. Advise learners of the importance to keep their portfolio of evidence intact and complete. 5. Advise learners that oral / written feedback will be conducted during the contact sessions, which will form part of their formative assessment. 6. Explain to learners what Formative and Summative assessments are and the relevant ratio. 7. Hand out to learners: A schedule of contact lessons, i.e. dates and times A copy of the list of terms. Explain the terms very clearly. The table used for oral assessment (part of portfolio) Annexure A. The guide used for assessment of the portfolio (learners must submit it for completion at each contact session) Annexure B. 8. Other resources that may come in handy in the learner s research 9. Internet provide copies of articles if used 10. Marketing material, company intranet, actuarial department, Human Resources department 11. Tell the learners that after three months they will be required to complete a questionnaire as part of the assessment of this unit standard. Tell them of the duration of this summative assessment and come to an agreement with the learners on where and when the assessments will take place. The content of the questionnaire must include the Critical Cross-field outcomes Note to trainers: 1. You can give the learners articles or notes to assist them During the discussions you can adapt the content of the text material to suit your company needs and products. Use the company as a provider example to provide the learner with knowledge and understanding of the role. Each learner should then be able to answer the following question: How well do I understand the history of the Financial Services industry in South Africa? The learner s research and learning during this course will equip the learner with the knowledge and skills to empower them to understand the history of the Financial Services industry in South Africa. 2. EXPLANATION OF TASK The following terms must be clearly explained to the learners when they are given the portfolio task. It would be advisable to provide them with a copy of these terms to which they can refer when necessary. This is not an exhaustive list of terms and you should add to this list as you come across words you don t understand Term Assets Claim Acceptance Cover Disclosure Good faith Explanation Property and possessions that are regarded as having value. An application for compensation under the terms of an insurance contract. A willingness to accept the terms and conditions of a contract/circumstance etc. Funds used in insurance to meet a liability or to protect against loss. Revealing all the facts relevant to the insurance proposal. If either party fails to do this, the contract may be declared invalid. When both the insurer and the insured provide all the relevant facts and do not try to hide anything.

15 Page 15 Disclosure Liability Liabilities Offer Insurable Interest Interest Exclusions Policy Premium Risk Proposal Subject matter Portfolio The act of telling the truth about the risk that is to be covered. Responsibility for debt or financial obligations. When used in the financial sense, the word liabilities refers to the money that you owe or your debts. A proposal of business, a plan for insurance for example. The legally recognised relationship between the insured and the financial loss that s/he suffers following a loss. This must exist for an insurance contract to be considered valid. The money paid for the use of money that has been lent. When you deposit money in the bank, the bank will pay you interest on your deposit. Similarly, when you borrow money from the bank through a credit card or home loan, you have to pay the bank interest on the money that the bank lent you. Situations under which insurance cover is no longer valid. For example exclusion on a household might be that the insurer would not meet your claim if you went away for two weeks, leaving the alarm off and a door open, and then you were burgled. A contract of insurance An amount to be paid for a policy of insurance. This is usually paid on a monthly basis. Either the possibility of a loss against which insurance is taken out, or the item that is being insured. A document which suggests the terms and conditions of an insurance contract. The items to be insured in an insurance contract. A collection of work, which in this instance, will be compiled over six months, regularly monitored and which will contain information from the media and analysis by the learner. Long term insurance Contact sessions Retirement fund Trustees Claim Tax deduction Equal Preserving Deduct Contributions Withdrawal Ready to exit fund Elected Fund managers Literacy Written request Query Insurance such as life, retirement funding, etc. where the client places a value on the person insured. These are times when learners meet with the trainer as a group. Contact session should be held at least once a month. At the contact session, portfolios will be checked and learners will participate in discussion about items they have found. A special type of savings fund that companies set up with their workers, to help them save money for retirement or illness. People who are chosen to represent the employees. Employees trust them to do a good job and to look after the retirement fund. To ask for something, to say that something belongs to you. An amount of money that a person does not have to pay income tax on. All are the same To preserve something is the same as saving something. Means to take or withdraw. Your company deducts money from your salary. This means that your company takes money from your salary each month. What the company gives to the fund. Take some or all of the money out of fund. To go on retirement Chosen people who vote for them Experts who look after the fund or its investments. Able to read well To write down instead of asking orally Means to ask questions about something.

16 Page 16 It is important when explaining the task that the assessment tools for both the oral participation and completed portfolio are given to the learners. They will be able to use these tools to assess their progress. Emphasize that the portfolio must contain articles, notes and summaries covering the twelveweek period and that the portfolios will be monitored at each contact session. 3.CONTROL At each contact session spend a few minutes reviewing the items, notes and summaries that each learner has brought. Assess whether the learner is able to demonstrate knowledge and understanding of: Comparing the various sectors of financial services and organisations that operate in the industry. Investigating the history of different aspects of financial services in South Africa in relation to the needs of customers and services offered to meet those needs. Comparing the role of technology in the financial services sector during different periods and the impact that it has had on the kinds of services offered. Investigating alternative avenues for loans and investments outside of the regulated financial services industry. Explaining how to raise and deposit money outside of the regulated industry and the consequences of using an unregulated environment. Knowing why some customers select an unregulated avenue and the risks involved in such a decision. Applying questioning techniques to obtain information. This is the important aspect of the task and learners may require help in making these links at first. Record the date of the contact session and a brief comment on the state of the portfolio at the back of the document: This will make the learner aware of the progress that has been made or corrective steps that need to be taken 4. ASSESSMENT This task involves two types of assessment: formative, continuous assessment of oral participation and research from the retirement fund booklet and various resources within the company, and summative assessment of the portfolio. Assess each learner s participation in the oral discussion at each contact session by filling in the table provided. The learner should be shown his / her assessment so that they know what they need to improve at the next contact session. After a careful review of the completed portfolio, it can be assessed by completing the table in Annexure B. This table indicates to the learner which of the specific outcomes has been met by assessing the work submitted against the assessment criteria in the guide they were given. If the outcome has not been met, the trainer should indicate what steps should be taken by the learner to meet the criteria. These comments can be made in the learner is not yet competent block next to the relevant specific outcome.

17 Page 17 Annexure A Learner Name Learner Number Unit Standard : : : Oral Assessment Action Yes No The learner has brought a variety of articles / summaries and a draft copy of workplace guidelines to the session The learner is able to discuss topics researched and explains he relationship to the insurance industry The learner is able to participate in a discussion about other learner s articles The learner displays a general knowledge of events and circumstances that are not necessarily covered in the articles brought to the contact session Date : Signature :

18 Page 18 Annexure B Learner Name Learner Number Unit Standard : : : Rubric for Assessment of portfolio Assessment Criteria Learner is competent Learner is not yet competent Specific Outcome 1: Compare the different services that are classified as financial. Specific Outcome 2: Investigate the history of banking in South Africa. Specific Outcome 3: Investigate the history of one of the insurance sub sectors in South Africa. Specific Outcome 4: Investigate the history of the unit trust sector in South Africa. Specific Outcome 5: Investigate alternative avenues for obtaining loans or making investments outside of the formal financial services sector. (Range: micro lenders, stokvels, pawn shops, funeral societies pyramid schemes.) Date : Signature :