td290 has some good ideas here about study methods.
I would just be a little wary of doing literally no background reading. Whilst sometimes it may be of no benefit in the exam (the most recent exam being a classic example), there are plenty of examples (particularly in other recent exams) where just a bit of reading could have really paid dividends. I'm thinking particularly here of further reading into Solvency II in particular. Each student must make their own mind up about how much time to spend on background reading, it's a balancing act (how many other exams are you sitting, how much time do you have, etc). Some do loads and find it beneficial, some do loads and find it of little use. Some do none and don't regret it, some do none and most definitely regret it!
We spend quite a lot of time in the SA3 tutorial talking about study and exam techniques needed for SA3, so I'd recommend that to anyone who's got concerns. We discuss the latest current issues and look at further research into hot current topics, which may (or of course may not!) be the topic of an exam question.