Moonstone: Regulatory exam update
We respond below to enquiries from readers in response to articles on the regulatory exams.
As most of these queries centred round the trials and pilot exams, we thought it wise to just refresh your memories as to what it entails. The following information was taken directly from the FSB website:
Trials
The purpose of the trials is to ensure that the questions that are used to create the pool of examination questions will produce results that are fair, valid and reliable. The focus of the trials will be to check that the questions are developed in plain language and are understandable. Candidates participating in these trials will be requested to provide additional feedback on how they have experienced the questions.
Candidates that have participated in the trials will be given preferential access to the pilot examinations, and will therefore be able to write the regulatory examination free of charge and retain the result of the regulatory examination.
Pilot of regulatory examinations
The purpose of the pilot examinations will be to assess the overall composition of the examinations. All candidates participating in the pilots will be able to write the regulatory examinations at no cost. The candidates will also be awarded the result of the regulatory examinations. This means if the candidate “passed” the pilot regulatory examination then the result will be viewed as valid and will be recorded by the Financial Services Board. Unsuccessful candidates will have to repeat the examination when it becomes available.
Please note that the trials and pilot exams are conducted by the relevant examination body responsible for drawing up the questions in conjunction with the FSB.
By way of example: Moonstone was tasked with drawing up the level 1 exam questions relating to the regulatory framework and the regulatory role of the individual in the financial services industry. We have been conducting trials as described above since 13 September 2009, and hope to present the pilots soon. If these are successful, the exams proper can be rolled out.
The other three examination bodies are currently conducting trials relevant to the “product exams” that they have been tasked with by the FSB. They arrange and present these, and we are not involved in it at all.
Q: I see from today’s Moonstone newsletter that RE2 trial exams can now be written so I have emailed Salome to register for these. I thought that you had me on your list for information on all trial / pilot exams, but I haven’t heard from you.
A: As explained above, these trials are conducted by other examination bodies, therefore we are unable to assist in this specific regard. When the trials become available, you will be invited to participate.
Q: Will you be doing trial exams in Durban (also read Benoni, Reitz, George, Pofadder) at all?
A: While one would love to accommodate as many people as possible, there are physical constraints in terms of the trials and pilots. When the actual exams start, most of the examination bodies will have a number of satellite venues all over the country to make writing the exams as accessible as possible to all those wanting to participate.
Q: Ek het vandag by iemand gehoor dat die Pilot exam inligting uit is. Het jy asb vir my terugvoer oor wanneer dit gaan wees in Pretoria, kostes, en of dit wel gaan tel vir die FSB RE exam?
A: Die inligting wat tans op die reguleerder se webtuiste beskikbaar is oor die eksamens word daar geplaas deur diegene wat die proewe (trials) aanbied. Gebruik gerus hierdie skakel om te sien wat beskikbaar is.Trial Examination. Hierdie blad bevat ook registrasie fasiliteite vir die wat dit wil skryf.
Die koste verbonde aan die eksamen self is nog nie bekend gemaak nie. Die proewe sowel as die loodseksamens (pilots) is egter gratis. Diegene wat die loodseksamen slaag sal volle erkenning kry in terme van daardie vereiste wat hulle moet nakom. Daar is geen erkenning vir proewe nie omdat dit nie ‘n volwaardige eksamen is nie.
Q: Just need to know if any credits on this will be carried over for RE exam purposes?
A: Each of the trials consist of a number of random questions related to a particular exam i.e. level 1 representatives’ exam, but these were not selected to test the full spectrum of knowledge required, and can therefore not be regarded as a proper exam. There is therefore no “credits” which can be gained from the trials. The benefit for participants lies in the exposure to exam conditions to prepare them for what is to come.
Q: What preparation notes are available for these exams?
A: None of the examination bodies are allowed to recommend study material, except that which is in the public domain. The starting point for those wanting to prepare would be the qualifying criteria set out by the Regulator for the specific trial/pilot that one has registered for. These criteria are contained in Board Notice 105 of 2008.Inseta publishes study material on its website, and the Plain Language Guides on Fit and Proper provide very valuable information and insight.
Q: I have written the trials in Cape Town but would like to know when the pilot exams are being held in CT. Do you know yet?
A: The pilots are like the final test run, so the FSB needs to be satisfied that everything is in place and working properly. While we believe it is not far off, we do not want to create false expectations. Rest assured that those who took part in the trials will be first to know of the pilots and will, according to the FSB website, “…be given preferential access to the pilot examinations, and will therefore be able to write the regulatory examination free of charge and retain the result of the regulatory examination.”
