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 – 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/ : The first National Assessment followed a similar format and process as that done in 2004 The various “papers” covered unit standards not covered in : 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 21 st June 2008 – 9:00 – 12:00 Second Round – Saturday 21 st June 2008 – 14:00 – 17:00 Visit the IMFUNDO FAIS website: 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 Closing date 02 June 2008 Once registered: Administrative procedures Examination permit

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

Questions?