Regulatory Impact Assessment
Ofqual has also published a Regulatory Impact Assessment of the withdrawal of the QCF. This document includes a number of interesting statements including:
- Ofqual has decided to ‘allow the use of QCF in titles in certain circumstances and as long as it is not misleading.’
- Ofqual will introduce ‘a new, single descriptive framework to cover all regulated qualifications. The intention is that the new framework will be superimposed over existing qualifications. This will not burden awarding organisations, and will make it clear to qualifications users how different qualifications compare.’
- The estimated costs to the system of the closure of the bank ‘could be in the range of £50,000 to £600,000 in total to the system’.
- The cost of developing a unit have been estimated to be between £60 and £400 and information on how these estimates were reached is provided in Appendix A of the report.
Further information on Regulatory Impact Assessment can be found here: Regulatory Impact Assessment