Candidates writing the Regulatory Exams have a number of options available before the actual day of the examination, as well as remedies to apply after the event.
As a result of practical experience and feedback from the industry, the Financial Services Board (FSB) recently issued FAIS Circular 7/2011, which contained a number of changes aimed at improving the process.
Before…
The extension of the final dates for the examinations contained in the circular led to a number of candidates revising their planned dates for writing the examination. There are essentially two options: cancellation or postponement.
The FSB recently published the “Examination Cancellation Clause” to ensure that all the examination bodies followed the same procedure when a candidate postpones or cancels a regulatory examination.
1. A postponement received prior to 10 working days before the date of an exam will not be subject to a penalty.
2. A postponement received within 10 working days of the date of an exam will result in a penalty of 100% of the examination fee.
3. A cancellation received within 10 working days of the date of an exam will result in a penalty of 100% of the examination fee.
4. The non-arrival by a candidate will result in a penalty of 100% of the exam fee.
5. A cancellation outside the cancellation period will result in a penalty of 20% of the examination fee.
Understanding the process
To understand why this is so, one needs to understand the process followed by the examination bodies in making the examinations available. The process of presenting a regulatory examination starts at least ten days before the scheduled date.
• A specific paper (key individual or representative) is requested electronically from the FSB’s databank of questions and checked for correctness and completeness.
• Each paper is compiled according to a specific “recipe” to ensure that everyone is measured against the same standard. There are four different levels of questions, varying in difficulty and ranging from “knowledge” to “analysis”. A certain number of each of these types of questions mustay be contained in every paper to provide consistency regardless of the venue.
• There may also be as many as four different key individual or representative papers in the same venue on the same day. This is to discourage “academic misconduct”. In theory, they should all deliver the same result if written by the same person under the same conditions.
• The required number of copies for the specific location is then compiled, sealed and couriered to the chief invigilator who opens it at the venue at the start of the examination.
In addition, venues have to be booked, invigilators contracted and all the other accompanying logistics put in place. This explains why there is a 10-day cut-off period for cancelations and postponements.
Moonstone, by way of example, has more than 80 satellite venues all over the country, as well as four permanent venues. Given that the above only summarises what happens before the examinations actually take place, it does make the cost does seem less “exorbitant” than many people believe.
After…
Candidates have the following remedies should they have complaints after writing the examinations.
• An appeal can be lodged against a question deemed to be inaccurate, ambiguous or unfair.
• Candidates who fail may apply for their papers to be remarked.
• Complaints about administrative, logistical or similar matters may be addressed to the relevant examination body.
In the case of the first two options there is a fee payable. Details of this should be provided by the chief invigilator at the start of the examination.
Appeals have assisted the FSB to identify problems which cropped up despite the rigorous question development process employed, and a substantial number of questions have already been re-worked or retired.