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 Securities & Investment Institute Welcome to the third issue of the Securities Institute Qualifications Update. The aim of the Update is to ensure that all our clients are aware of important news which affects examination candidates. The update is issued quarterly, if you have colleagues who would like to be added to the Qualifications Update mailing list, please advise Nikki Leech at nikki.leech@sii.org.uk. If you do not wish to receive future issues of Qualifications Update, please let Nikki know. In this bumper issue we announce: 1. Institute’s change of name, a new logo and a fresh, quick, website address 2. End of paper and pen exams following the introduction of CBT 3. QCA endorsement for Securities Institute qualifications 4. New qualification developed for new entrants to the city 5. Skills Council update 6. Arrival of the Student Registration Form in January 2005 in anticipation of the extension of CBT 7. Diploma Management Studies Module 8. Forthcoming Securities Institute events 9. Selection of new innovative qualifications Do contact our customer operations team, consult our website or email me if you have queries. With best wishes Ruth Martin Managing Director Securities & Investment Institute 1. The Institute’s name change. With effect from 1st November 2004, the Institute’s name will change to the Securities and Investment Institute to reflect the interests and activities of the Institute better. The new logo can be seen heading this Update and the Institute’s website can now be found on www.sii.org.uk. Staff email addresses have already changed format to: firstname.lastname@sii.org.uk. e.g. ruth.martin@sii.org.uk. However, the old email addresses will continue to be recognised. 2. Update on Computer Based Testing – CBT. We are pleased to announce that a successful pilot of Computer Based Testing in the City of London over the last three months is reaching completion. Over 400 candidates have been tested by CBT on the SI Regulatory papers. Feedback has been very positive with about 85% of candidates reporting they definitely preferred the experience to pencil and paper exams. Particularly popular is the immediate reporting of results, booking flexibility and the professional testing environment. Key milestones in the roll out of CBT: From 1st November 2004 all candidates for the FSA Regulatory Environment and Securities Institute Regulatory Paper in London will be encouraged to take their exams by CBT (although candidates already booked onto scheduled paper-based exams may keep their scheduled bookings if they choose). From 10th January 2005, all candidates for the FSA Regulatory Environment and Securities Institute Regulatory Paper and for the IAQ Introduction to Securities and Investment papers will take their tests by CBT both in London and regionally throughout the UK. Pencil and paper tests will no longer be available for these exams. From 4th April 2005 the Certificates programme [except the Certificate in Corporate Finance] will also transfer to CBT in London and throughout the UK and internationally. By November 2005 the full IAQ, the Certificate in Corporate Finance and the new IFA exams will also have transferred. Updates to the schedule will be regularly posted on our website. 3. Qualifications and Curriculum Authority accreditation. QCA [the government’s education regulator] has now accredited all of the Institute’s qualifications in the IAQ, SI Certificates suite and the new Investment & Financial Advice Qualification. Candidates will see a change on their certificates which will have to correspond to the names used by the QCA to describe the qualification in the national framework. The Corporate Finance certificate is yet to be submitted. 4. Introduction to Investment. In addition to accrediting the IAQ programme, the QCA also accredited the Introduction to Securities and Investment unit – re-badged as Introduction to Investment - as a stand-alone qualification with its own Certificate. This unit offers firms scope to use it during the induction phase for new staff working in unregulated roles. Over 11,500 candidates in this situation have taken the current Introduction to Securities and Investment. These staff often do not continue to complete the IAQ so now they will be able to gain an award for passing the Introduction to Investment. 5. Skills Council activities. The FSSC has scheduled future exam reviews covering fund management [CertIM] and operations [the IAQ] starting in January 05; the activities of advising on securities and derivatives [Certificate in Securities and Financial Derivatives] will follow shortly after. Readers are invited to make sure they play a part in the consultation exercises which are part of these reviews otherwise qualifications might develop in a direction that is unwelcome. The Skills Council’s website can be found on www.fssc.org.uk. 6. New Student Registration Form. As announced in the last issue, new registration procedures are introduced with effect from 1st January 2005. All candidates for the IAQ, Certificates and new IFA Qualification will be required to pay a registration fee of £25. This is a one-off payment and a further payment becomes due if candidates take further programmes (e.g. the SI Diploma) after the threshold exams are complete. The fee is waived for student members. With FSA’s emphasis on continuing competence, firms may prefer to give staff access to Student Membership where benefits include free CPD events. 7. Diploma Management Studies option. After a small initial cohort, interest in the Management Studies option offered in conjunction with the University of Surrey is meeting the Institute’s and the candidates’ expectations. Next closing date is around March 2005. 8. Forthcoming Securities Institute events Annual Ethics Lecture. This year’s lecture is by Charles Ellis at the Plaisterers’ Hall on 17th November. Click below for details. http://www.sii.org.uk/web/Infopool.nsf/HTML/FB2D2CC52024FAF580256F270052473C Annual Awards Ceremony. You may want to note in your diary that the Institute’s Annual Awards Ceremony will take place on 24th February 2005 at the Mansion House. Invitations will be issued later this year. If your firm is interested in sponsoring the occasion or an award, please let Tim Burrows or Andrew Hall know on 020 7645 0600. The Evolving Regulatory Framework: Autumn Briefing. Please note the FSA’s Director of Enforcement, Andrew Procter and senior regulatory partners from Ernst & Young and Deloitte & Touche are amongst the speakers at the event on 28 & 29 October. Discount for members for this event have been raised to 30%. For further details on this event click on the link below. http://www.sii.org.uk/web/Infopool.nsf/HTML/cConferences 9. New Securities Institute Qualifications… A new Advanced Certificate in Operational Risk is available, aimed both at staff working in risk departments and those who have completed the IAQ. The first exam for Advanced Operational Risk is 10 December following a successful pilot. Registration fee includes a case study book which forms the basis of the examination. Training will be available in November. For more details click here. A new Diploma in Investment Compliance A press release is imminent following the meeting of practitioners to confirm the content and progression. Details will be posted on our website by 1 November. The programme focuses on FSA compliance. A new Diploma in Investment Operations Following extensive consultation with stakeholders, regarding an advanced qualification for staff completing the IAQ, it has been decided to launch this new Diploma which will incorporate the Advanced Operational Risk module at an intermediary level between the IAQ and the Diploma paper. The Diploma paper to be taken will eventually involve one module from a choice of three: currently Global Operations Management is available and two others, Advanced Custody & Settlement and Advanced Collective Investment Schemes are under development. A replacement for IAC: the new IFA qualification This is the first exam to follow from the Skills Council’s exam review of the retail qualifications and is aimed at Investment Advisers. Closing date 29 November for first exam on 31 January. For further information visit our website by clicking here. Next issue of Qualifications Update due January 2005 Securities Institute QUALIFICATIONS UPDATE No 2 – July 2004 Welcome to the quarterly Securities Institute Qualifications Update. The aim of the Qualifications Update is to ensure that all our clients are made aware of important news which affects examination candidates. If you have colleagues who would like to be added to the Qualifications Update mailing list, please advise Kelly Outram at koutram@securities-institute.org.uk. If you do not whish to receive future Qualification Updates contact Kelly Outram (contact details as above). In this issue we announce important implications following the transfer of the FSA Interim Approved Examination List to the Skills Council Appropriate Examination list published 1st July 2004, as well as forthcoming Institute changes relating to Computer Based Testing, Membership and examination prices and dates. Wishing you all a pleasant summer and we hope to see you in the city at our annual Cricket Charity event on 3rd August 2004. Please click here for more details. Ruth Martin Managing Director Securities Institute From ‘Approved’ to ‘Appropriate’ The Press Release The Securities Institute welcomes the new era of the Appropriate Examinations list, which was published on 1st July 2004 by the Financial Services Skills Council. This has a number of significant implications for our clients, which I would like to draw to your attention. The FSA continues to bear regulatory responsibility for Training and Competence but has signed a Memorandum of Understanding with the Skills Council which effectively delegates ‘the List’ to the Skills Council. The list can be found under ‘Hot Topics’ on www.FSNTO.org.uk. The list is set out alphabetically in order of activity and then alphabetically in order of qualification. There is a good search engine but full text is needed – it doesn’t recognize abbreviations such as IAQ. If you are looking to take an additional qualification – just type in Securities Institute - there were 450 entries running to well over 100 pages at the last count - you can count on the Securities Institute to offer solutions for your qualification needs! Many clients will recall that the previous FSA regime of Interim Approved Examinations was not able to respond swiftly to any new or substantive changes in qualifications, because of the limitations placed on the FSA by its legal statute. For the Securities Institute this was a significant problem because we had to introduce new modules in IAQ to reflect industry changes, but these could not be entered on the list. In addition we wanted to make substantive changes to some of our qualifications, such as our Certificate in Corporate Finance but were effectively not able to do so. I am therefore delighted to inform you that the following IAQ modules, all of which have been in existence for some time, are now on the Skills Council’s list: Asset Servicing, Global Settlement, Life Policy Administration, Operational Risk, OTC Derivatives, Administration, Pensions Administration*, Portfolio Performance Measurement * Life Policy Administration and Pensions Administration are being phased out during 2004, however, firms which have used the modules will be pleased to note that they are now on the Appropriate Examination list. In addition our Client Services Qualification, the CSQ, aimed as an introductory qualification, also appears on the list. The importance of membership of the Securities Institute is recognised, with ‘Securities Institute membership by Examination’ entered for key 4 of the overseeing activities. Finally a number of modules from all our qualifications have been entered on new sections of the list to provide a comprehensive listing of the relevance of different modules and qualifications to the controlled functions and activities regulated by the FSA. The move from Approved to Appropriate provides firms with the opportunity to consider developing their own bespoke qualifications to ensure ‘Appropriateness’ for their firm. Whilst the Skills Council has made clear that it will only consider entering these on to the list if the firm explains why the existing appropriate qualifications do not meet their needs, the Securities Institute will be happy to consider adapting existing qualifications to meet specific needs as we have a huge reservoir of relevant intellectual property in our item banks. Should you wish to pursue this please contact Tim Burrows, Head of Awarding Body in the first instance. Price Increase for FSA Regulatory Module The Regulatory core module in the Certificates Suite of examinations and the IAQ, will increase to £85 for all bookings for exams sat from 1st September 2004. All existing bookings will be honoured at the current price, as will bookings made no later than Friday 9th July 2004. No other modules are affected. CBT – Computer Based Testing The Securities Institute has, for some time been investigating the delivery of its multiple-choice exams by computer based testing (CBT). Recently an agreement was made with Thomson Prometric (a world leading supplier of onscreen testing) to pilot testing in this new format from July. Plans are in place for a selected number of candidates to take the Regulatory module by CBT at the end of July through the autumn. Candidates (who will be notified individually) will take their exams at the Prometric Test Centre near Cannon Street. The Regulatory exam will go live on the system before the end of 2004 shortly followed by the IAQ Introduction to Securities and Investments and with the rest of the multiple choice exams rolled out throughout 2005. Despite the new delivery format, the tests themselves will remain the same with no immediate implications for workbooks or training. Candidates will benefit, however, from significantly greater flexibility on when they choose to take their tests and will receive results as soon as they finish the exam. For more details on CBT contact Peter Watkins: pwatkins@securities-institute.org.uk Online Booking The Securities Institute Online Booking system (on http://www.secinst.co.uk/onlinebooking/) is becoming increasingly popular, with more and more clients using it to book exams directly real-time on the Internet. They are finding that this, combined with our inSIght web based reporting system (provided free on request) is giving them more flexibility and control over their bookings. Over the coming months, this service will be enhanced by allowing clients to make withdrawals and transfers (moving candidates from one exam session to another) online. Note that all current administration charges for order amendments will be applied to online amendments. If you would like to know more about Online Booking / inSIght and how it could help you, please contact your account manager or the Customer Operations team on 0207 645 0680 Widening of Student Membership Starting in August, student membership will be open to all those registered on Institute exams (in the case of exams other than the Diploma, this is optional). Exam candidates will be sent an email as soon as they are booked onto an exam, explaining the benefits and inviting them to join. There will be a range of benefits including a free Dictionary of Financial and Securities Terms, which normally retails at £24.99, up to 4 free Continuing Professional Development (CPD) events a year (normally £40 each for non-members), and access to the increasing information resource in the members’ area of our website. For more information please contact one of our staff in the membership department at memberservices@Securities-Institute.org.uk or 020 7645 0650. Changes to IAQ Examination dates from June 2004 Since publication of the IAQ brochure there have been some changes to the IAQ examination dates in the latter part of 2004, a schedule of changes is given below. Global Custody 21 July 2004 CANCELLED 15 September 2004 17 November 2004 CANCELLED OEIC Administration 15 September 2004 17 November 2004 CANCELLED Unit Trust Administration 18 August 2004 CANCELLED 20 October 2004 Life Policy Administration There will be a resit session on 21 July 2004 for candidates who were previously unsuccessful. IAQ modules Life Policy Administration and Pensions Administration will be terminated in 2004. New Examination - Advanced Operational Risk The Securities Institute has developed and piloted a new examination in Advanced Operational Risk, the first module in the Advanced Certificate in Operations Management – the qualification for operations staff in supervisory/team leader roles whom firms want to prepare for more senior roles. Preparation for the examination follows an exciting new format. Instead of a studying a traditional workbook, candidates prepare from a published collection of case studies, ideal for workshop or seminar-based training, allowing candidates to apply their knowledge of operational risk to actual case studies written by industry specialists and developed in partnership with Ernst & Young. The examination itself lasts three hours. The paper contains three case studies of which candidates must answer questions on two case studies of their own choice. Performance showed that candidates who had studied the IAQ Operational Risk workbook were better prepared for the examination and candidates for the live examinations will be advised to familiarise themselves with the IAQ workbook as well as the case studies. Registration for the new examination will be available from 1st August 2004. For more information, please contact Karen Davies at kdavies@securities-institute.org.uk Advanced Certificate in Operations Management - ACOM Advanced Operational Risk is one paper in the Institute’s new qualification for operations staff. Since the consultation phase earlier this year, further changes have been made to the structure of the Advanced Certificate in Operations Management scheme and, with the involvement of IMA and Scottish Investment Operations, the Institute is now looking at including two technical modules in the scheme. At the time of the launch in November 2004, candidates will have the option of taking Advanced Operational Risk plus Professional Practice in the Firm – the work based competence endorsement - and either a 4th IAQ module or a management module. When the scheme is rolled out fully in 2006, candidates will take the Advanced Operational Risk examination and have a choice of two further modules from two technical modules and either the Professional Practice in the Firm endorsement or the management module. Further details will be available on the website during July. Management Studies - Diploma Module. Earlier this year we launched a new Diploma subject – Management Studies - aimed at candidates, particularly from Operations and Compliance areas, who may feel that the existing focus on technical subjects in the Diploma puts them at a disadvantage. The subject is run in conjunction with the University of Surrey who provide tuition support and testing of this subject is delivered over the Internet, in a course which runs over a similar timetable to conventional Diploma subjects. Full details of this module can be found on our website. Click here Diploma exam results For candidates who sat the Diploma in June results will be available on August 26th. Xchange: Diploma students bulletin board. We have recently launched a bulletin board for Diploma candidates on the Institute’s website, primarily to encourage candidates to communicate between themselves and offer one another support, particularly where they are enrolled on a distance learning course. We shall also post notices of interest to Diploma candidates and they are encouraged to visit it regularly. It will only be successful with the active involvement of candidates. Please click here to take you to the Xchange website. Access is via candidate number and e-learning password; to find out your candidate number and e-learning password please contact one of our friendly staff in Customer Operations at customerops@securities-institute.org.uk IAQ Mergers Following support from major users, mergers of the IAQ modules: UTA Administration and OEICS Administration will take place during 2005. Firms interested in taking part in the merger process should contact Sue Horsey at shorsey@securitis-institute.org.uk Updated In-House Examination Policy You may be aware that examinations may be held on your own premises subject to the conditions of the In-House examination policy. This policy has recently has been updated. Please see below for the updated version. Please click here to take you to the updated In-House Examination Policy. Please click here to take you to the In-House Examination request form. Securities Institute UPDATE No 1 – April 2004 Welcome to Qualifications Update from the Securities Institute. This update is to alert our customers to important changes taking place in Institute qualifications and we hope you will find it useful. If you have colleagues who would like to be added to the Qualifications Update mailing list, please advise Hailee Potts at hpotts@securities-institute.org.uk. If you do not wish to receive future Qualification Update contact Hailee Potts on the above details. Best wishes Ruth Martin Managing Director New Chief Executive Appointed at the Securities Institute We are delighted to announce that Simon Culhane will join the Institute as Chief Executive Officer from 1st May 2004. Ruth Martin, former Director of Qualifications, has been promoted to Managing Director overseeing all the Institute’s Qualifications, Membership and Training activities. Click here to view Simon’s biography on the webite. Certificate Examination Entry Fee Price Increases The high standards of the Certificate suite has recently been recognised by the QCA (Qualifications and Curriculum Authority) and the Certificates are now included on the National Qualifications Framework (NQF). Ensuring that our qualifications meet QCA requirements has increased the Institute’s cost base and the introduction of computer based testing (CBT) during the next twelve months has required a considerable investment. The examination entry fee for the Certificate suite will increase from 1st June 2004. There will be no price increase for the Regulatory paper. All other papers will increase by £10 per paper. The Certificate fees are shown below, these prices are effective for exams sat from 1st June 2004. Bookings already made up to and including 1st May 2004 will be honoured at the current price. § Paper 1-Regulation - £75 § Paper 2-Securities - £130 § Paper 2-Derivatives - £130 § Paper 2-Securities & Fin. Derivatives - £160 § Paper 2-Investment Management - £110 § Certificate in Corporate Finance - £130 § Financial Derivatives Module - £85 Other Examinations There will be no price increases for IAQ, Diploma, IAC and CSQ examination entry fees in the year 2004 / 2005. Registration Fees for January 2005 and Student Membership From January 2005 a new one off candidate registration fee of £25 will be introduced per candidate, (not per exam paper) and will be linked to the QCA registration form. In advance of this the Institute is also expanding its student membership category. Candidates who become student members of the Institute will have the registration fee waived. More details will follow in the Qualifications Update in July 2004. Launching Computer Based Testing (CBT) If you would be interested in taking part in the CBT pilot, please contact Peter Watkins at: pwatkins@securities-institute.org.uk Change of Names for the Certificate Qualifications – EFFECTIVE 1ST JUNE 2004 Following successful confirmation from the Qualifications and Curriculum Authority (QCA) that the Securities Institute Certificate suite is to be added to the NQF, the Institute is required to change the name of the Securities Institute Certificates to meet QCA criteria. This name change is one of the main conditions of the Securities Institute Certificates having been successfully accredited to the National Qualifications Framework (NQF), a procedure that follows achievement of Awarding Body Status. The new title of the Securities Institute Certificate Qualifications will be Securities Institute Level 3 Certificate in Investments. The current names of the Securities Institute Certificate Qualifications are: · Certificate in Securities · Certificate in Derivatives · Certificate in Securities & Financial Derivatives · Certificate in Investment Management (All of the above qualifications incorporate the Securities Institute Regulatory paper) The NEW title and pathways of the Securities Institute Certificate Qualification incorporating Financial Regulation (formerly known as the Regulatory paper) are as follows: · Securities Institute Level 3 Certificate in Investments (Securities) · Securities Institute Level 3 Certificate in Investments (Derivatives) · Securities Institute Level 3 Certificate in Investments (Securities and Financial Derivatives) · Securities Institute Level 3 Certificate in Investments (Investment Management) The Certificate in Corporate Finance will remain unchanged for the present. These changes are effective from 1st June 2004 and will be reflected in all Securities Institute marketing and training materials. Certificates will display new and old titles together with the QCA logo to demonstrate that the qualifications are recognised by the government. Upgrading of the Online Booking Facility The Institute’s online booking facility has recently been upgraded and enhancements are on going. If you would like more control over your examination bookings then online booking might be for you. For more information or to have a corporate login set up for you, please contact your account manager or our Customer Operations team via email at customerops@securities-institute.org.uk or telephone 0207 645 0680. (Individual bookers paying by credit card can register online via the online booking system We can also provide corporate clients with a reporting service (inSIght). This enables users to run their own reports and to schedule tailor made reports for delivery on specified dates. Please contact our Customer Operations team (contact details as above) for more information, or visit the Client Page on our web site. The Language of Exam Results We have received enquiries about the meaning of some of the codes used in the email sent to firms to confirm candidates’ results. The codes are explained below. CODE Pass = Pass F1 = Marginal Fail F = Fail Results Blocked = Candidate has requested that the firm does not receive confirmation of results Not Registered = Candidate has not submitted a Qualification Registration Form Making Membership More Attractive The Institute is in the process of implementing a major overhaul of its Membership categories and benefits. The designation SIAff – Affiliate of the Institute - is to be phased out in favour of a new grade – ASI – Associate of the Institute. The change has been made because we do not believe that ‘Affiliate’ gives a clear indication to customers and clients that Institute Affiliates have passed important competency examinations recognised by the FSA. With effect from 1st May 2004, existing Affiliates may start using the designation Associate – ASI - and may change their business stationery accordingly. By the end of May, we aim to have phased out all reference to the SIAff grade in our literature and on the website. Later in the year, a new category of Affiliate – but without any associated designatory letters - will be introduced for people who use the Institute products and services. New Proposed Qualification - Advanced Certificate In Operations Management (ACOM) The Institute has been consulting on its proposed Advanced Certificate in Operations Management – the qualification for operations staff in supervisory/team leader roles whom firms want to groom for more senior roles. There is still an opportunity to comment on the draft scheme as the consultation is featured on the website; please click on the link below which will offer you more information and also enable you to complete a questionnaire. ACOM And finally – The Securities Institute’s New Website The Institute is currently redesigning its website to make it more user friendly. If you have any suggestions for changes, please let Sara Stehlik know at: sstehlik@securities-institute.org.uk Next issue of Qualifications Update due mid-July 2004 |
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