FAIS Fit and Proper June 2008

Presentation overview

• Implementation of the project

• Historically speaking

• Implementation of the project 07 – 09

• Curriculum development

• RPL tools

• Learning material

• Pilot assessments

• National assessments

• Categories

• Assessment times

• Assessment guidelines

• Candidate registration

• Payment options

Historically speaking – 2004

• Long Term A (category 1) [minimum 12 credits]

• Long Term B [minimum 15 credits]

• Long Term C [minimum 30 credits]

• Friendly Societies [minimum 15 credits]

• Short Term Personal [minimum 15 credits]

• Short Term Commercial [minimum 30 credits]

• Pension Fund Benefits [minimum 30 credits]

• Retail Fund Benefits [minimum 30 credits]

• Collective Investments [minimum 30 credits]

• Health Benefits [minimum 30 credits]

Implementation of the project 2007 – 2009

• The INSETA FAIS Fit and Proper Project is being implemented in two phases:

• Phase 1:

• National Assessment were conducted in November 2007

• Phase 2:

• Curriculum, Learning Material, RPL Tools, National Assessments (June + November 2008/2009)

Curriculum development (Phase two)

• Designed to assist learner and facilitator by providing structure for teaching and learning processes

• Each standard divided into four topics based on the unit standards; for example:

• CATEGORY A: INSURANCE PRODUCT AND FINANCE

• US 114958 – Market an assistance policy

• The content of this unit standard should be dealt with in four sections:

• The sales schedule

• What is an assistance policy?

• The sales process for an assistance policy

• After sales service

RPL tools (Phase two)

• Designed to allow learner another option to achieve FAIS credits

• Each tool begins with explanation of all unit standards making up the tool

• The learner is required to compile and present prescribed evidence that meets the specific outcomes contained in the unit standards

• Tools cover range, specific outcomes and critical cross field outcomes as contained in the standards

• Comprehensive marking memoranda also provided for use by the assessor

• All downloadable from the FAIS website

Learning material (Phase two)

• Focus on sound pedagogic principles

• Developed by experts in the industry

• Allows the learner to download, print and prepare for the assessment

• Focus on covering the specific outcomes, assessment criteria, range and critical cross field outcomes contained in the unit standards

• Contains the following:

• Introduction to the material

• Icons used in the material

• A copy of the standard on which the material is based

• Learning outcomes to be achieved

• Learning content (designed to prepare learner for assessment)

• Learner self-assessment

• Recommended reading list

• Glossary of relevant terms

• Marking memorandum for self-assessment

Pilot assessments (Phase one and two)

• As per 2007 process; pilot assessments and pilot marking memoranda per assessment category

• Designed to allow learner opportunity to practice for real assessment

• Mimics the actual assessment tool closely in terms of content, time allocation and answer sheet

National Assessments – 2007/2008

• 2007:

• The first National Assessment followed a similar format and process as that done in 2004

• The various “papers” covered unit standards not covered in 2004

• 2008:

• Papers follow same format and process as in 2007

• Various “papers” cover unit standards not covered in 2007 (barring specific sections e.g. Marine and Transportation where there are no more standards for that section in qualification)

• The questions designed in the form of case studies with a multiple choice selection

• The content of the case studies will assess – in a rigorous and responsible way – knowledge, cognitive skills, analytical skills, logical thought, etc.

• Educational integrity underpins the design of the assessments

Categories 2007/08 (First Round + Second Round)

• Category A: LONG TERM CATEGORY A

• Candidates may elect to write any combination of sections within this assessment, in order to fulfill their personal outstanding credit requirement.

• The assessment consisted of:

• Section 1 – Law

• Section 2 – Ethics and Customer Care

• Section 3 – Insurance Product and Finance

• Learners are FAIS compliant after one sitting i.e. 30 credits minimum

• Category B 1:SHORT TERM PERSONAL LINES, LONG TERM CATEGORY B

• Candidates may elect to write any combination of sections within this assessment, in order to fulfill their personal outstanding credit requirement.

• Candidates must not answer more than three questions.

• The assessment will consist of:

• Section 1 – Question 1 – Law and Ethics

• Section 2 – Question 2 – General Cluster

• Section 3 – Candidates may select to answer full questions from the two electives below i.e. the whole of 3 and/or 4

• Question – 3 – Short Term Personal Lines

and/or

• Question – 4 – Long Term Category B

• Learners are FAIS compliant after one sitting i.e. 30 credits

Categories 2007/08 (First Round + Second Round)

• Category B 2: SHORT TERM COMMERCIAL LINES

• Candidates may elect to write any combination of sections within this assessment, in order to fulfill their personal outstanding credit requirement. Candidates must not answer more than three questions.

• The assessment will consist of:

• Section 1 – Question 1 – Law and Ethics

• Section 2 – Question 2 – General Cluster

• Section 3 – Candidates may select to answer full questions from the four electives below i.e. the whole of 3 and/or 4 etc.:

• Question – 3 – Marine and Transportation

and/or

• Question – 4 – Agriculture

and/or

• Question – 5 – General Commercial Insurance

and/or

• Question – 6 – General Business Insurance

• Learners are FAIS compliant after two sittings i.e. 60 credits

Categories 2007/08 (First Round)

• Category B 2: SHORT TERM COMMERCIAL LINES

• Candidates may elect to write any combination of sections within this assessment, in order to fulfill their personal outstanding credit requirement. Candidates must not answer more than three questions.

• The assessment will consist of:

• Section 1 – Question 1 – Law and Ethics

• Section 2 – Question 2 – General Cluster

• Section 3 – Candidates may select to answer full questions from the four electives below i.e. the whole of 3 and/or 4 etc.:

• Question – 3 – Marine and Transportation

and/or

• Question – 4 – Agriculture

and/or

• Question – 5 – General Commercial Insurance

and/or

• Question – 6 – General Business Insurance

• Question – 7 – Engineering Insurance

• Learners are FAIS compliant after two sittings i.e. 60 credits

Categories 2007/08 (Second Round)

• Category C: LONG TERM CAT C, PENSION FUNDS, RETAIL PENSION BENEFITS, COLLECTIVE INVESTMENTS, HEALTH SERVICE BENEFITS

• Candidates may elect to write any combination of sections within this assessment, in order to fulfill their personal outstanding credit requirement. Candidates must not answer more than three questions.

• The assessment will consist of:• Section 1 – Question 1 – Ethics • Section 2 – Question 2 – General Cluster• Section 3 – Candidates may select to answer full questions from the five electives below i.e. the whole

of 3 and/or 4 etc.:• Question – 3 – Financial Planning

and/or• Question – 4 – Pension Fund Benefits

and/or• Question – 5 – Retail Pension Benefits

and/or• Question – 6 – Health Services Benefits

and/or• Question – 7 – Collective Investments

• Learners are FAIS compliant after two sittings i.e. 60 credits

Categories 2007/08 (First Round + Second Round)

Assessment times

• First Round – Saturday 21st June 2008 – 9:00 – 12:00

• Second Round – Saturday 21st June 2008 – 14:00 – 17:00

• Visit the IMFUNDO FAIS website:

www.inseta.org.za and follow the link to the IMFUNDO FAIS Assessment site

Assessment guidelines

• Candidates who have not written any assessment before must write First Round (Saturday morning)

• Candidates completed 2007 November assessment must write Second Round (Saturday afternoon)

• Should candidates have been declared “not yet competent” (NYC) in any section in November 2007, they will be required to re-write that section in the First Round (Saturday morning session)

• Should they wish to attain additional credits, they can then sit the Second Round assessment in the afternoon

• Candidates who wish to sit both sessions (First and Second Round) will be allowed to do so

Candidate registration

• Registration form to be completed online and faxed to 011 326 4073

• Closing date 02 June 2008

• Once registered:

• Administrative procedures

• Examination permit

Payment options

• Fee – R1066 (incl. VAT)

• Online payments

• Direct deposits

Questions?