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FAIS Regulatory Exam Roundup - Terms and Conditions of the REs

It is probably human nature to dislike having to read something as “exciting” as terms and conditions. This is even more so when that which one is about to undertake is of a serious nature, like an operation or an exam. Clients very often display the same irritation when presented with disclosure documents by advisors.

Why would I want to read the terms and conditions of the REs before the event?

There are a number of compelling arguments, most of which stem from questions and comments we receive after the event, often from unsuccessful candidates. Had they read the T & C’s beforehand, they may have acted differently during the exam.

Candidates who write the REs via Moonstone are provided with a copy of the T & C’s when they register at the exam venue. They are then given the opportunity to read it prior to the start of the RE, and are obliged to sign a form to confirm that they have read and understood the contents. At the start of the exam, one is normally tense, and unable to take in all the detail, hence our advice to read it before the event.

In the article below we discuss some of the options one has in case of dissatisfaction. This is covered in the T & C's, but often forgotten as a result of exam tension.

APPEAL/RE-MARK/COMPLAINT

Candidates at times experience problems during the exams which they take up with us after the event. The guidelines on how to deal with it is provided in the terms and conditions. Knowing about this can save a lot of frustration.

There are essentially three avenues to pursue in case one feels unhappy about something:

1.	A Complaint is directed at the examination process or procedures and should be lodged with the examination body.
2.	An Appeal is directed at the content of examination questions. If you are of the opinion that a question in the exam is technically incorrect, ambiguous or unfair you may appeal against the question. When you encounter such a question in the exam, immediately ask the invigilator for the documentation to support your appeal and record the specific question number/s that you wish to appeal including a reason for your appeal. You will not have access to the questions in your exam once the exam is over.   On review of your appeal by the examination body concerned, the outcome of the appeal will be forwarded to the FSB for ratification. In the event that you are dissatisfied with the outcome of the appeal, you have the right to escalate your dissatisfaction to the FSB.   There is a fee payable for the examination body to investigate the validity of the appeal. Payment for the appeal must be received within 5 working days of receiving the exam results. Should payment not be made in time, the appeal will automatically be withdrawn.
3.	A Re-mark of your paper can be requested on receipt of your results. This involves a dual process (electronic as well as manual marking) to ensure the correctness of the results. This also attracts a fee for the performance of the re-mark.

There are more details contained in the actual T & Cs which you can study by downloading the complete document.

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