Regulatory Exams, RE Training (RE5 Study Material and online Practice Exams)
Class of Business Training (COB)
19/06/2025
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09/03/2023
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One of the key topics in RE5 is topic 8, Operate as a representatives in terms of the FAIS Act.
17/07/2020
This video is about the Role Players in Financial Services according to the FAIS Act.
This video is an overview of the market participants in financial advisory and intermediary service as contained in the RE5 Study Material. For a comprehensive Study Guide send us an email: [email protected]
RE5 Exams Mobile Practice Test Platform for Represantatives in Financial Services, banking and insurance in respect of FAIS Fit & Proper Requirements as required by the Financial Advisory and Intermediary Services Act. FSCA previously known as the FSB prescribed regulatory exams for employees who are representatives in insurance and banking. The main Exams are RE5 and RE1. sira academy developed mobile and online practice tests platforms (IOS, Android, Desktop Applications, Apps) to cater for all devices, for students to practice RE5 tests on their mobile or cell phones. the free download app is available on google play store.
Regulatory Exams (Element of Competence Requirement):
In addition to needing an acceptable qualification, a KI and Representatives must pass the Regulatory Examination before such person can be approved or appointed.
The Board Notice 194 of 2017 (Determinations of Fit and Proper Requirements for Financial Services Providers, 2017) includes a table that sets out which exams must be written for each Category of FSP (see Table A below). According to this, Key Individuals need to write both the Representative and the KI exam, as it is a requirement for a KI to have adequate experience to manage or oversee the rendering of a particular financial service for which it is approved. However, there appears to be contradictory views in the industry. We checked with the FSCA (former FSB) and they confirmed that where a KI is also an appointed Rep, then such person will have to successfully pass both RE1 and RE5 exams.
The exemption that applies in respect of qualifications (as set out above) also applies to RE exams. So, where a Category I FSP renders financial services only in respect of Long-term Insurance Subcategory A and/or Friendly Society Benefits and/or the Rep performs ex*****on of sales only, they do not need to write the RE exams.
FAIS Exams are applicable to Representative and Key Individuals in the following financial services categories (Category I FSP, RE5): (Category II FSP, RE5) (Category IIA FSP - RE5) (Category III FSP / re5), (Category IV FSP) applicable to Representatives
Competence:
The Competence requirement pays special attention to the minimum experience, qualifications and regulatory examination (e.g. RE5 for representative) requirements that Financial Services Providers (FSPs), key individuals (KIs) and representatives (Reps) must adhere to before being appointed. Key individuals and representatives that are responsible for overseeing or managing the business must also meet certain minimum requirements in terms of experience. Conditions are more rigorous and have been introduced to protect customers from unethical or ill-informed financial advisors. These have been designed to compel FSPs to conduct a comprehensive financial needs analysis for customers and offer them product comparisons, including the advantages and disadvantages of each product, before advising them further.
The FSP must establish, maintain and apply adequate policies, procedures, internal systems, controls and monitoring mechanisms to ensure that the FSP, key individuals and representatives are, and remain compliant with the competence requirements.