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FAIS Fit and Proper

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

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FAIS Fit and Proper

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  1. FAIS Fit and Proper June 2008

  2. 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

  3. 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]

  4. 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)

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. Categories 2007/08 (First Round + Second Round) • 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

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

  13. Categories 2007/08 (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 • Question – 7 – Engineering Insurance • Learners are FAIS compliant after two sittings i.e. 60 credits

  14. Categories 2007/08 (First Round + 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

  15. 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

  16. 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

  17. 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

  18. Payment options • Fee – R1066 (incl. VAT) • Online payments • Direct deposits

  19. Questions?

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