scummymummy - shouldn't that be "scrummymummy" - not sure what you mean that your sw has given you Qs to "type up" for panel. This seems a bit odd to me. I have 30 years experience as a sw and tm mgr of a fostering team for a l.a. but am now retired.
Most prospective carers are nervous about panel and it is daunting to walk into a room with about 12 (possibly more) strangers sitting round a table. I used to chair fostering panels and always used to go out and meet the prospective carers first but everyone does things differently.
If your sw has done his/her job properly and presented a full assessment to panel with a positive recommendation, the likelihood of you being turned down is extremely remote. Most l.a.s have a panel advisor who goes through the sw assessments before panel and if there are issues of concern or need more explanation, they are discussed with the panel chair and the assessing sw. Sometimes this means the sw has to ask you to clarify something or make things more clear in the report. You will of course see a copy of your report and if there are things that you are not happy with, then you have the right to say so.
The panel meeting should not be a Q and A session although it can feel like that. We usually started by asking applicants for the ir views on the prep course - did anything stand out for them, etc. Don't be afraid to say anything that worried you - it is normal for people to have some concerns about this venture. I was always more re-assured by applicants who said they would not really know if fostering was right for them until they had started, but were very motivated, than those who tossed aside any potential problems.
They may pick things from the report and ask you about them, about the views of your own children (if you have them) how you might deal with difficult behaviour etc., (not sure what age range you are offering) but the Qs will be related to that age range.
SO it isn't a question of "failing" - problems can arise if the assessing sw has not explained things clearly enough in the report and this hasn't been picked up by the panel advisor or chair of panel and then the couple are asked about it, but this shouldn't really happen.
Also the panel will be multi disciplinary (a Health visitor or school nurse maybe, an education rep, a medical rep, a legal rep, a foster carer, a children's social worker, sometimes a young person who has been looked after and a councillor. Before you go in the chair organises who will "pick up" specific issues with you - not everyone will ask something. I always stressed to the panel that this should be a discussion rather than a Q and A session. Finally we know that applicants are nervous and this is taken into account.
Worry not I'm sure you will be fine - the real work starts with your first placement!