Understanding the assessment process for FAIS training

04 June 2007 ICG Learning Solutions / INTEC School of Insurance

With the introduction of the Financial Advisory and Intermediary Services (FAIS) Act, many financial service providers who have not studied for a long time are facing the challenge of being a student gain.

"Whether you have chosen to study on your own or be a part of a classroom session, it helps to understand the assessment process so you can be better prepared and get the most from your studies," says Nikki Wouterse, CEO of ICG Learning Solutions, the division of Educor working with INTEC School of Insurance to offer flexible and customised learning solutions in response to government initiatives to upgrade national skills.

"Once you have registered with a training provider and engaged with your learning material through self-study or facilitated study, you will get evaluated through completing formative assessments (assignments) and summative assessments (exams)."

Formative assessments

Formative assessments are a critical part of the study process as they count 75% of your overall assessment. They often require research and test the student's understanding of concepts and ability to apply these practically to required tasks.

With formative assessments there are no marks allocated as the assessor marks you against unit standard criteria and you will be found either competent or not yet competent in the specified knowledge. If you are not yet competent, you will get the opportunity to rework parts of your formative until assessors are satisfied that you are ready to move to the next phase.

Summative assessments

Summatives count for 25% of your total assessment. Once you are found competent in your formative assessment(s), you decide when you write your summative(s), unless the rules of the learning programme state otherwise.

If a qualification is in its teach-out phase, the college will state when you need to write the summatives in order to allow you to complete the qualification within the teach-out phase.

"You have three opportunities every year to write summatives and you need to register for your exams through completing the exam registration form
and returning it to your training provider before the registration cut-off for that exam session," explains Wouterse.

If you fail your summative you do get the opportunity to rewrite but at a fee. You will receive your statement of results once external moderation is
completed. This should be six weeks after the summative is written.

National recording of results

Once you have completed your summative successfully your training provider will send your achievement records to the relevant Education and Training

Quality Assurance (ETQA) body.

The ETQA body hands this data over to the National Learner Record Database (NLRD) for batch-loading onto the system where you as a learner will have access to a verified record of your own personal learning achievements.

"Before undergoing training you must not only understand the learning process, but always remember that the FAIS Act was introduced so that compliance for advisers would be achieved in phases with the final phase culminating in a full qualification," points out Wouterse.

"Therefore, choose skills programmes and study options that can build towards a full qualification which will be nationally recognised."

INTEC School of Insurance has planned all courses so that there is the option to extend the learning programme to achieve a full qualification and national certificate in financial services, wealth management, risk management or short-term insurance. This means that as regulation demands further credits, there will be no confusion or repetition of credits in order to obtain a full qualification.

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