ifs School of Finance Regulations

Level C
Professional Diploma in Financial Services Management
Applied Diploma in Corporate Banking
Applied Diploma in Retailing Financial Services
Applied Diploma in Risk and Insurance Management
Certificate in Business Banking (Lloyds TSB)
Diploma in Business Banking (Lloyds TSB)
Certificate in Retail Credit (Royal Bank of Scotland)
Diploma in Retail Credit (Royal Bank of Scotland)
Diploma in Customer Relationship Management (Royal Bank of Scotland)
Certificate in Corporate Banking (Bank of Scotland)
Certificate in Business Banking (Bank of Scotland)

Level I
Foundation Degree in Financial Markets and Management and Affiliateship
Diploma in Higher Education in Financial Markets and Management and Affiliateship

Issue 4 June 2008

The regulations are best understood if read in conjunction with the following ifs School of Finance documents:

Code of Practice
General Regulations
Programme Specification
Module Specifications

Introduction
1. The Foundation Degree and Diploma in Higher Education in Financial Markets and Management are two stage programmes.
  1. Stage 1 is at Level C in the National Qualifications Framework
  2. Stage 2 is at Level I in the National Qualifications Framework
    Click here to see a diagram showing how this works.
2. Appendix 1 (link to spreadsheet Fd Appendix 1) shows the individual awards at Stage 1 – Level C, who awards them and the available routes to achieving them.
3. Appendix 2 (link to spreadsheet Fd Appendix 2) shows the individual awards at Stage 2 – Level I, who awards them and the available routes to achieving them.
4. Successful students will be granted the following designatory letters:
  1. Foundation Degree in Financial Markets and Management FdSc
  2. Diploma in Higher Education in Financial Markets and Management Dip HE
  3. Professional Diploma in Financial Services Management DipFSM
  4. Applied Diploma in Corporate Banking DipACB
  5. Applied Diploma in Retail Financial Services DipRFS
  6. Applied Diploma in Risk and Insurance DipRIM
Entry Requirements
1. Level C
  1. To be eligible to enter any of these programmes students must be able to demonstrate that they are proficient in the areas of Mathematics, Information and Communication Technology (ICT), and English language at the levels specified in the Code of Practice Chapter 2 paragraphs 2.2.1.4 and 2.2.1.5 respectively that can be found here.
  2. To be eligible to study for an employer sponsored programme students must be employed by the specified employer.
  3. To be eligible to study for the Diploma in Retail Credit (Royal Bank of Scotland) students must have been awarded the Certificate in Retail Credit (Royal Bank of Scotland).
  4. To be eligible to study for the Diploma in Business Banking (Lloyds TSB) students must have been awarded the Certificate in Business Banking (Lloyds TSB).
2. Foundation Degree in Financial Markets and Management
  1. Prospective students may enter the programme at Stage 1 (Level C) or Stage 2 (Level I).
  2. To be eligible to enter the programme at Stage 2 students must either
    1. have achieved the Professional Diploma or one of the Applied Diplomas at Level C with the ifs School of Finance in the past seven years; or
    2. be able to demonstrate that they have
      1. achieved one of the Professional Diploma or one of the Applied Diplomas at Level C more than seven years previously and have maintained their skills and learning over the intervening period;
      2. achieved a UK Honours degree in relevant discipline awarded up to seven years before the application and meet the learning outcomes required at Stage 1;
      3. achieved a UK Honours degree in relevant discipline awarded more than seven years before the application and have maintained their skills and learning over the intervening period.
    Click here to see a diagrammatic representation of these regulations.
  3. Students undertaking the Work Based Learning module must be in employment whilst studying for this module and comply with the Code of Practice Chapter 16 paragraph 16.2.6.
3. Diploma in Higher Education in Financial Markets and Management
  1. Prospective students may enter the programme at Stage 1 (Level C) or Stage 2 (Level I).
  2. To be eligible to enter the programme at Stage 2 students must either
    1. have achieved a Level C award with the ifs School of Finance in the past seven years; or
    2. be able to demonstrate that they have
      1. achieved a Level C award with the ifs School of Finance more than seven years before the application;
      2. achieved a UK Honours degree in any discipline awarded up to seven years before the application;
      3. achieved a UK Honours degree in any discipline awarded more than seven years before the application.
    Click here to see a diagrammatic representation of these regulations.

Registration requirements

Stage 1 – Level C
To register for entry to a module at Stage 1 students must complete the Professional and Applied DFSM registration form and pay the appropriate fee.
Stage 2 – Level I
1. To register for entry to a module at Stage 2 students eligible to enter the programme under paragraph 2.b.ii.(1) must complete the Foundation degree and Diploma in Higher Education registration form that can be found here and pay the appropriate fee;
2. 2.b.ii.(2) must initially complete an Application for Advanced Standing form AAS1. The ifs will assess the application and advise the student of their potential point of entry into the programme. The student must then complete the appropriate registration form and pay the appropriate fee.
Membership
1. Students must be members of the ifs for the duration of their studies, ie from the date of registration, through their course of study, for all assessments and until after the release of results The membership application form can be found here.
2. Individuals who achieved the Stage 2 (Level I) award will become Affiliates of the ifs School of Finance only as long as they remain members of the ifs.
Registration period
1. There is no restriction on the number of modules students may register for at any one time but see Paragraph 5 Structure for required order of study within Stages/Levels. However, it is strongly recommended that students do not register for more than two modules per registration period or study session.
2. Students who choose to register for more than one module leading to assessment for a particular study session are responsible for checking that the assessment times do not conflict. The timetable Stage 1- Level C can be found here and for Stage 2 – Level I can be found here
3. Stage 1 – Level C
  1. Credit values for individual modules are listed at Appendix 1.
  2. 30 Credit Modules
    1. Registration is valid for a period of twelve months from the course start date. This period is known as the Registration Period.
    2. Each module registration fee covers one attempt at each of either the Objective Test or Written Assessment, the Guided Coursework Assignment and the End of Course Assignment components during the Registration Period. Additional attempts at any of the assessment components within the Registration Period will attract a re-sit fee.
    3. Registration deadlines are published here.
    4. Students who wish to use an authorised study centre to support their learning should ensure that their registration for the programme and the enrolment with the centre are completed concurrently.
  3. 15 Credit Modules
    1. Registration is valid for a period of four months from the date of acceptance by the ifs School of Finance. This period is known as the Registration Period.
    2. Each module registration fee covers one attempt at the Objective Test during the Registration Period. Additional attempts at the Objective Test will attract a re-sit fee.
    3. There are no registration deadlines.
  4. Students must check the availability of a module before registering. The current list can be found here. All modules are offered subject to demand and some may only be available once a year. Should a module be withdrawn, students will have the opportunity to register for one final course of study leading to assessment, with a further two re-sit assessment sessions thereafter.
4. Stage 2 – Level I
  1. All Modules except Work Based Learning
    1. The deadlines for registration are either
      1. 31 March for study starting 1 May with the assessment in the following October or
      2. 30 September for study starting 1 November with the assessment in the following April.
    2. The deadlines for registration to resit an assessment are:
      1. 28 February for examination in April; or
      2. 31 August for examination in October.
    3. Students who wish to use an authorised study centre to support their learning should ensure that their registration for the module and the enrolment with the centre are completed concurrently.
    4. Each module registration fee covers one timed Written Assessment attempt and one Summative Coursework Assignment submission. Additional attempts at subsequent sessions will attract a re-sit fee.
    5. Students wishing to use an authorised study centre should check the availability of modules at their centre of choice prior to registering.
    6. Students must check the availability of a module before registering. The current list can be found here. All modules are offered subject to demand and some may only be available once a year. Should a module be withdrawn, students will have the opportunity to register for one final course of study leading to a written assessment, with a further two re-sit assessment sessions thereafter.
  2. Work Based Learning Module
    1. The deadlines for registration are either
      1. 31 March for study starting 1 May with the submission of Personal Portfolio either by 1 November or 1 May the following year; or
      2. 30 September for study starting 1 November with the submission of Personal Portfolio either by 1 May or 1 November the following year.
    2. Students have up to 12 months in which to complete the module.
    3. Each registration fee covers one submission. Additional submissions will attract a re-submission fee.

Registration changes

Once a student has registered for a module or begun a course of study, (s)he must either complete the course of study or withdraw.

Withdrawal

Stage 1
1. Students who wish to withdraw from a course of study at Stage 1 will receive a full refund provided their withdrawal is within 14 days of receipt of materials. This does not affect the student’s statutory rights.
2. A refund will not be payable if the student has either sat a timed Assessment, or submitted an Assignment unless such withdrawal is approved by the ifs School of Finance as a result of an application for Special Consideration resulting from Extenuating Circumstances (see Paragraph 11).

Stage 2

Students who wish to withdraw at Stage 2 must complete an Application for registration changes and return it to the ifs within the published deadline. Students cannot defer their examination entry. If students are experiencing difficulties with their course of study, they should immediately inform the ifs who will advise on their best course of action.

A charge may apply for withdrawing depending on the timing of the application.

Deadline Dates		Fee payable
May – October Study Session	November – April Study Session	Fee payable
Up to 1 May	Up to 1 November	No fee – full refund
2 May – 9 July	2 November – 9 January	50%
10 July – 31 August	10 January – 28 February	100% – no refund
On or after 1 September	On or after 1 March	No changes accepted

A refund will not be payable if the student has either submitted an Assignment or sat a timed Assessment, unless such withdrawal is approved by the ifs School of Finance as a result of an application for Special Consideration resulting from Extenuating Circumstances (see Paragraph 11).

Students who withdraw from a module and subsequently choose to register for that module again will be required to follow the full registration process and pay the full registration fee.

Special Educational Needs/Reasonable Adjustments
1. The ifs policy is set out in chapters 4 and chapter 10 of the ifs Code of Practice.
2. Students must complete the appropriate section of the registration form or advise the ifs using the form here when they become aware of their special need
Structure
1. Stage 1 – Level C Awards
  1. The structure of the various awards can be found at Appendix 1.
  2. To achieve an award students must pass all the modules for one of the options shown at Appendix 1.
  3. Customers and Their Needs, Financial Markets and Risk, Measuring Performance, Organisations and Individuals, Managing Corporate and Business Relationships, and Corporate Commercial and Business Lending
    1. For study commencing on or after 1 June 2008, each module consists of three assessment components:
      1. For Customers and Their Needs, Financial Markets and Risk, Measuring Performance, Managing Corporate and Business Relationships, and Corporate Commercial and Business Lending these are an Objective Test, a Guided Coursework Assignment and an End of Course Assignment;
      2. For Organisations and Individuals these are a timed Written Assessment, a Guided Coursework Assignment and an End of Course Assignment.
    2. The assessment components associated with the first 24 weeks of the Registration Period are mandatory and will normally be considered as the student’s first attempt at each assessment component.
    3. Students must normally pass all three assessment components for a module within the Registration Period in order to achieve a pass and therefore 30 credits for that module. However students who achieve marginal fail (up to 5% less than the required pass mark) in one component may be awarded a pass provided they perform well enough in the other components so that their aggregated mark for the module equals or exceeds the required pass mark for the module.
    4. Objective Test
      1. The Objective Test must normally be taken at week the end of week 10 of the study session at an ifs assessment centre. A list can be found here.
      2. Students may make multiple attempts to pass the Objective Test component within the Registration Period.
      3. The initial module fee includes one attempt; each further attempt will attract a re-sit fee.
    5. Written Assessment
      1. The Written Assessment must normally be taken at the end of week 10 of the Study Session at an ifs assessment centre. A list can be found here.
      2. Students may make multiple attempts to pass the Written Assessment component within the Registration Period.
      3. The initial module fee includes one attempt; each further attempt will attract a re-sit fee.
    6. Guidance Coursework Assignment
      1. Having registered for a module, students will be provided with a Guided Coursework Assignment task, that must normally be submitted at the end of week 16 of the Study Session. A list can be found here.
      2. Students may make multiple attempts to pass the Guided Coursework Assignment component within the Registration Period. Each attempt will be a different task.
      3. The initial module fee includes one attempt; each further attempt will attract a re-sit fee.
    7. End of Course Assignment
      1. Having registered for a module, students will be provided with an End of Course Assignment task, that must normally be submitted at the end of week 24 of the Study Session. A list can be found here.
      2. Students may make multiple attempts to pass the End of Course Assignment component within the Registration Period. Each attempt will be a different task.
      3. The initial module fee includes one attempt; each further attempt will attract a re-sit fee.
    8. Once a student has passed an assessment component for a given module (s)he is not allowed to re-sit that assessment component to improve his/her result.
    9. If a student does not pass all three components of a module within the Registration Period, or achieve a pass through compensation, they may register again for another Registration Period for that module but may not carry any passes they have achieved for that module forward.
    10. If a student registers for another Registration Period then the number of attempts at a component will be the cumulative from all Registration Periods.
  4. Relationship and Wealth Management, Principles of Lending, Consumer Credit Risk Management, and Retail Management in Financial Services
    1. Each module is assessed by an electronically delivered Objective Test.
    2. Students must normally pass the electronically delivered Objective Test within the Registration Period in order to achieve a pass and therefore 15 credits for that module.
    3. The electronically delivered Objective Test must be taken at an ifs approved test centre. A list can be found here.
    4. Students may make multiple attempts to pass the electronically delivered Objective Test component within the Registration Period.
    5. Students who are intending to progress to Stage 2 must comply with paragraph 10.a. but other students have no limit on the number of attempts allowed to pass the Objective Test within the Registration Period. The initial module registration fee includes one attempt; each further attempt within the Registration Period will attract a re-sit fee.
    6. Once a student has passed an assessment component that mark will be counted towards the overall module performance. Students may not resit assessment components they have previously passed or use subsequent scores on previously passed assessment components to improve their overall module performance.
    7. Once a student has passed the module either by passing all components or through application of compensation, (s)he is not allowed to re-sit any assessment component for that module and no subsequent component mark will be considered to improve his/her result.
2. Stage 2 – Level I Awards
  1. Foundation Degree in Financial Markets and Management and Affiliateship
    1. The Foundation Degree in Financial Markets and Management comprises three Compulsory 30 credit modules
      1. Financial Services: The Commercial Environment
      2. Organisational Management in Financial Services
      3. Work Based Learning
        
        and five Optional Modules
      4. Retail Financial Services
      5. Corporate Financial Services
      6. Finance of International Trade
      7. Insurance
      8. Quantitative Methods for Finance and Investment.
        
        and in order to achieve the award students must normally pass all three Compulsory modules and one Optional module.
    2. Students are required to study the first two Compulsory modules before starting to study their chosen Optional module.
    3. Students may start the study of the Work Based Learning module once they have completed study of one of the other Compulsory modules.
    4. Each module with the exception of the Work Based Learning comprises two assessment components: a timed Written Assessment and a Summative Coursework Assignment.
    5. The Work Based Learning module comprises an Introductory Activity, two Interim Progress Reports, a Final Progress Report and Personal Portfolio.
  2. Diploma in Higher Education in Financial Markets and Management and Affiliateship
    1. The Diploma in Higher Education in Financial Markets and Management comprises two Compulsory 30 credit modules
      1. Financial Services: The Commercial Environment
      2. Organisational Management in Financial Services
        
        and six Optional Modules
      3. Retail Financial Services
      4. Corporate Financial Services
      5. Finance of International Trade
      6. Insurance
      7. Quantitative Methods for Finance and Investment
      8. Work Based Learning.
        
        and in order to achieve the award students must normally pass both Compulsory modules and two Optional modules.
    2. Students are required to study the two Compulsory modules before starting to study their chosen Optional modules.
    3. Students who choose to study the Work °fssed Learning module may start this study once they have completed study of one of the Compulsory modules.
    4. Each module with the exception of the Work Based Learning comprises two assessment components: a timed Written Assessment and a Summative Coursework Assignment.
    5. The Work Based Learning module comprises an Introductory Activity, two Interim Progress Reports, Final Progress Report and Personal Portfolio.
  3. Written Assessment
    
    The Written Assessment must be taken during week 23 of the Study Session at an ifs assessment centre. A list can be found here.
  4. Summative Coursework Assignment
    
    Having registered for a module, students will be provided with a Summative Coursework Assignment task, that must be submitted during week 19 of the Study Session
  5. Once a student has passed the module (s)he is not allowed to re-sit that module to improve his/her result.
  6. Certificate in Higher Education
    
    Students may request the award of a Certificate in Higher Education if they have completed Stage 1 of the programme through study with the ifs and have attempted but not completed Stage 2 either because they have had to withdraw from or have run out of time to complete the programme, or have failed to pass a module within three attempts. Students may not be awarded the Certificate in Higher Education if they entered the programme at Stage 2 under regulation 3.b.ii.
3. Module Content
  1. The module content is detailed in the syllabuses that can be found
    1. here for Stage 1 – Level C;
    2. here for Stage 2 – Level I.
  2. It is the student's responsibility to ensure that they have the most up-to-date module specification and study materials including the recommended reading list.
  3. The ifs School of Finance reserves the right to change or withdraw modules. Please refer to www.ifslearning.ac.uk for the latest information.
Credits
1. Stage 1 – Level C Awards
  1. Students with relevant previous work experience or holding credits or awards that are recognised by the ifs School of Finance as being equivalent in level and/or of appropriate content are eligible to apply for credit. Applications for credits at Stage 1 – Level C must be made using the Application for Approval of Prior Learning form APL1.
  2. Students who already hold relevant awards and/or can demonstrate learning as a result of experience may apply to enter the programme. Please click here for more details.
2. Stage 2 – Level I Awards
  1. Students with relevant previous work experience and holding credits or awards that are recognised by the ifs School of Finance as being equivalent in level and/or of appropriate content are eligible to apply for credit.
3. The decision of the ifs School of Finance with respect to credits is final.
4. Once a student has registered for a module, (s)he may not normally apply for credits for that module.
5. Validity of credits
  1. Credits agreed as a result of an Application for Prior Learning are normally valid for six months from the date of offer.
  2. Credits gained as a result of passing modules at Stage 1 – Level C are valid for five years from the date of confirmation that the module has been passed. But students intending to progress to Stage 2 see Paragraph 11 Time Limits.
  3. The ifs School of Finance approval for Advanced Standing into Stage 2 is normally valid for six months from the date of offer.
Tuition
1. Students who register for a module (except Work Based Learning) at Stage 1 (Level C) or Stage 2 (Level I) must follow an approved course of study provided by the ifs School of Finance distance learning or at an authorised study centre. A list of approved centres for Stage 1 can be found here and for Stage 2 here.
2. Students studying for the Work Based Learning module must follow an approved course of study provided by the ifs School of Finance distance learning.

Assessment and Grading

Stage 1 – Level C

30 credit modules comprise three assessment components;
1. For Customers and Their Needs, Financial Markets and Risk, Measuring Performance, Managing Corporate and Business Relationships, and Corporate Commercial and Business Lending these are an Objective Test, a Guided Coursework Assignment and an End of Course Assignment;
2. For Organisations and Individuals these are a Written Assessment, a Guided Coursework Assignment and an End of Course Assignment;
that must initially be attempted in that order.
15 credit modules are assessed by an electronically delivered Objective Test.
Modules and awards will be graded in accordance with the programme specification that can be found here.
Students studying for 30 credit modules must pass all three components, or achieve a pass through compensation, within the Registration Period to achieve the 30 credits available for the module.
Students who fail any component will have to re-sit that component within their Registration Period in order to be awarded the credits for that module. Component passes cannot be carried forward to a new Registration Period.
Students who pass a module at a second or third attempt will have their mark capped at module pass mark for the purpose of progression to Stage 2 – Level I.
Students who achieve a marginal fail in any component may achieve a pass in the module provided that their overall mark for the module is above the module pass mark that is
1. 45% For Customers and Their Needs, Financial Markets and Risk, Measuring Performance, Managing Corporate and Business Relationships, and Corporate Commercial and Business Lending; and
2. 40% for Organisations and Individuals.

A marginal fail for each module is as follows:

	Objective Test	Written Assessment	Guided Coursework	End of Course Assignment
Mark Range	20 or 21	14 or 15	35 to 39 inclusive	35 to 39 inclusive

Weighted marks will be rounded as follows:
Marks that end .01 to .49 will be rounded down to the nearest whole mark
Marks that end .50 to .99 will be rounded up to the nearest whole mark
eg 50.49 will be rounded down to 50 whereas 50.50 will be rounded up to 51

Stage 2 – Level I
1. Modules and awards will be graded in accordance with the programme specification that can be found here.
2. Students must pass both components to achieve the 30 credits available for the module.
3. Students who pass a module at a second or third attempt will have their mark capped at the module pass mark.
4. Students who fail one assessment component within 5% of the pass mark may achieve a pass through compensation if they achieve a high enough mark in the other component such that the combined weighted mark is above the pass mark for the module.
5. The Work Based Learning module is not graded.
No compensation between modules is available at either Stage 1 - Level C or Stage 2 - Level I.

Student Conduct
1. Objective Test and Written Assessment
  
  The ifs School of Finance policy pertaining to student conduct before, during and after this assessment can be found here.
2. Guided Coursework Assignment, End of Course Assignment and Summative Coursework Assignment
  
  The ifs School of Finance policy pertaining to student conduct relating to preparation and submission of a Guided Coursework Assignment, End of Course Assignment and Summative Coursework Assignment can be found here
Attempts
1. Stage 1 – Level C
  
  Students may attempt any component of any module as many times as they need to pass the component within the Registration Period. However, students wishing to go on to and be assured of entry to Stage 2 have only two attempts to achieve a pass. Students taking more than two attempts will be reviewed by the Board of Examiners to determine their eligibility to enter Stage 2.
2. Stage 2 – Level I
  1. Students may have three attempts at each component of any module to achieve a pass. However, after the first attempt at either element the overall mark for the module will be capped at 40%.
  2. Students may apply to change their Optional module at any point in their study programme but the regulations at 10.b. will be cumulative and include attempts at both modules. The ifs will consider all requests in light of student“s previous module attempts and approval shall not be unreasonably withheld. However, where such module change is necessitated by circumstances beyond the student“s control (eg Work Based Learning cannot be completed due to employer change, employer requires role change), the student may apply to the ifs, with appropriate independent evidence, to have the attempts at the original module discounted.
3. Students who have completed a module may not re-sit that module to improve their grade.
4. Students who wish to study for any module without completing an award may register for individual modules in the context of continuing professional development. Modules achieved will result in non-contributory credits. Contact Customer and Student Enquiries for further information.
Time Limits
1. Stage 1 – Level C
  
  Students who wish to be awarded a Level C Diploma have five years to gain the credits required for the award. This time includes any periods of intermission and any period of time in which the student is repeating part of the programme of study. Students who wish to complete the Foundation Degree or Diploma in Higher Education should bear in mind the time limit for completion of these awards (See 11.b.).
2. Stage 2 – Level I
  
  Students who wish to be awarded the Foundation Degree or Diploma in Higher Education have six years to gain the credits required for the award. This time includes any periods of intermission and any period of time in which the student is repeating part of the programme of study.
Extenuating Circumstances/Special Consideration

Students who experience unforeseeable circumstances which render them unable to sit or submit an assessment component or to perform to the best of their abilities may apply for special consideration of those extenuating circumstances using the form that can be found here.
Results
1. Stage 1 – Level C
  1. Objective Test
    
    The results of the Objective Test will be published via the secure website approximately 14 calendar days after the assessment has taken place.
  2. Written Assessment
    
    The results of the Written Assessment will be published via the secure website approximately 21 calendar days after the assessment has taken place.
  3. Guided Coursework Assignment
    
    The results of the Guided Coursework Assignment will be published via the secure website approximately 14 calendar days after the assessment has taken place.
  4. End of Course Assignment
    
    The results of the End of Course Assignment will be published via the secure website approximately 56 calendar days after the assessment has taken place.
2. Module
  1. The results of the End of Course Assignment will be published via the secure website approximately 56 calendar days after the assessment has taken place and then confirmed in writing by First Class post/ Airmail.
  2. Stage 2 – Level I
    
    Results will be published via the website and confirmed in writing by First Class post/ Airmail in July for assignments submitted in March and Assessments sat in April, and January for assignments submitted in September and Assessments sat in October.
Appeals

Students may appeal against a decision where there are clear and acceptable grounds for appeal in accordance with the ifs School of Finance Code of Practice Chapter 13 Paragraph 13.3.