reGULAtory examinations (RE)

DOFA

Date of first appointment

Complete within 12 months from DOFA

Complete within 24 months from DOFA

Complete within 72 month from DOFA

Every 12 months to remain compliant

A representative has 24 months to successfully complete the Regulatory exams after the date first date of first appointment.
A Key Individual needs to already have completed the RE qualification before they can be appointed.

The purpose of RE is to gain knowledge and understanding regarding the legislation governing the role and responsibilities of Key Individuals and Representatives under the FAIS Act.

RE Exam Preparation

Growth in Motion helps you prepare for all the FAIS Regulatory exams:

  • RE5 – Representatives in all categories of FSPs that offers financial services (most people complete this exam)
  • RE1 – FSPs, Key Individuals and Compliance Officers in Categories I, II, IIA, III and IV of FSP’s
  • RE3 – FSPs and Key Individuals in Categories II and IIA. (Remember you need to have successfully completed RE1)
  • RE4 – FSPs and Key Individuals in Categories III. (Remember you need to have successfully completed RE1)

Classroom

This is a 2- or 3-day workshop depending on the experience and level of learners and is delivered Remotely (Online) or Face-to-face.

Remote Teaching via MS Teams

Learners and facilitator connect via MS Teams. Learner guides are sent to learners prior to workshop.

Face-to-face

Colour printed learner guide is posted to learners Learner is registered online to obtain access to Practice Exams

Online

This method is available online by Individual Study or Managed Online.

Individual Study

Learner guide and Practice Questions provided online. Work through content at your own pace.

Managed online (group sessions)

Facilitated via MS Teams. Learner guide, assessment questions and practice exams provided online. Facilitator manages progress and provides reports to stakeholders.

Investment

RE5 course cost: R2000 plus VAT
Included:

  • 2-day face-to-face (in major centres) or 2-day Online via teams
  • Colour Printed Learner Guide
  • Relevant Legislation
  • Access to 6 Online Practice Exams
  • Practice exam results are available after completing each exam
  • Exam Techniques
  • Facilitators are reachable after hours via Teams or WhatsApp to answer questions
  • For special group rates please contact us
Register and pay now!Special group rates

RE1 course cost: R2300 plus VAT
Included:

  • 2-day face-to-face (in major centres) or 2-day Online via teams
  • Colour Printed Learner Guide
  • Relevant Legislation
  • Access to 2 Online Practice Exams
  • Practice exam results are available after completing each exam
  • Exam Techniques
  • Facilitators are reachable after hours via Teams or WhatsApp to answer questions
  • For special group rates please contact us
Register and pay now!Special group rates

Methodology

Available courses

Below are the upcoming RE course dates.
Select a suitable date and click on the “Register now” button when you are ready to register and pay.
For special group rates and bookings you can contact us on info@growthinmotion.co.za.

Reviews

Awesome experience with an excellent host and presenter with lots of interactivity to make sure you understand the content. Mike is just awesome!
George Snygans
I loved the style of the training, intense, but fun way to learn, face to face, notes making and interative.
Nomvula Nduna
It was a virtual session all was well arranged from the registration receiving study material to the last day of my training, well done.
Wiena Swart
It was A Great Learning Experience, I would change a single thing about it.
Khanyisa Bubu
The facilitator was interactive. The session was informative
Mbalentle Gwiji
Very professional
Alexis Kay

FAQ

Frequent questions and answers

It is one of the fit and proper requirements for Financial Service Provider Licence holders, for Key Individuals and for Representatives who work in Tier 1 products.
To gain knowledge and understanding regarding the legislation governing the role and responsibilities of Key Individuals and Representatives under the FAIS Act.

RE 1, RE 5, RE 3 & RE 4.
We offer face-to-face or online training workshops to prepare candidates for the RE 1 and RE 5 examinations.
We offer 1-day coaching sessions for RE3 & RE4.

RE5 is the requirement for Representatives and RE1 is for Key Individuals.
Natural persons who hold FSP licences and practise as Sole Proprietors must pass both RE1 and RE5.
The RE3 exam is an additional requirement for FSPs and Key Individuals in licence Category II and IIA and RE4 for Category III key individuals.

For a full list and more information on which exams should be written for each Category of FSP (i.e. Category I, II, IIA, III and IV), click here

 

RE5 exams are for all representatives of an FSP, who render financial services to clients in Tier 1 FAIS products.
RE1 exams are for Key Individuals and Sole Proprietors who are responsible for managing and overseeing a business relating to the rendering of financial services for FSPs in Category I, II, IIA, III and IV.

As prescribed by regulation, all individuals who provide financial advice and services on behalf of a financial services provider need to successfully complete the RE Exams in order to satisfy the Authority that they have an adequate understanding of the legislation that governs their work. Apart from providing sound information to clients about financial products and services, financial advisors should be fully aware of and adhere to their regulatory responsibilities and duties when providing financial services.

The deciding factor on whether you have to pass an Exam will depend on your role and responsibilities within your FSP. Exams are required based on the products and services for which the individual is authorised. Representatives authorised in Tier 1 FAIS products must pass the RE5 exam: those who work exclusively in Tier 2 products do not.
Key Individuals are required to write the Level 1 RE 1 Exam and the necessary additional exams if they work under Cat II or III licences. However, Key Individuals that work exclusively under a Cat 1 FSP licence in Assistance Products only are exempt.

Growth in Motion’s training material remains our intellectual property and is not available unless you attend one of our workshops.
However, you could consult the exam preparation guide on the FSCA’s website or consult the information available on the Inseta/Bankseta sites.

There are no old exam papers. Every candidate writes a unique paper drawn from the database of questions. The database is closely controlled by the Financial Sector Conduct Authority FSCA.
Growth in Motion’s practice exam questions are drawn up to cover the most important aspects of the course content and are in line with the style of typical exam questions.

Yes. You may write as many times as necessary to achieve a pass. However, the full exam fee is payable with each attempt, which can become a costly exercise. With sound guidance and diligent study there is no need for frequent rewrites!

Click here to see the Regulatory Examination and Competency requirements as contained in the Fit and Proper stipulations for Financial Service Providers (Board Notice 194 of 2017).

https://www.fsca.co.za/Notices/Board%20Notice%20194%20of%202017.pdf

The exam consists of multiple-choice questions. Each question has four options, and you must select the correct option. You will indicate your answer by colouring in the circles with a pencil and not tick or mark it with a cross.
The RE 5 exam has 50 questions and is written in 2 hours with a pass mark of 66%.
Please note: In order successfully to complete the RE5, you are required to achieve at least 33 correct answers out of a total of 50 questions to obtain the pass mark of 66%.
The RE 1 exam has 80 questions and is written in 2 hours and 30 minutes with a pass mark of 65%. This requires 52 correct answers.

The regulatory exam is not easy to pass, and one should not underestimate the time it takes to prepare for it. After attending one of our workshops, we strongly advise our learners to work through our user-friendly study guide and practice questions and to spend at least another 30 hours of self-study before attempting the exam.

Representatives and Key Individuals who are required to write the Regulatory Examinations as prescribed by the Financial Sector Conduct Authority (FSCA).
All new entrants to the financial services industry who would like to obtain an in-depth understanding of the FAIS Act and to learn about the Fit and Proper requirements.
Anyone who has have been in the industry for a while and needs to update their knowledge of the latest regulatory requirements – there have been many significant changes in legislation in recent years.

We will prepare you to write the RE 5 (for Representatives) and RE 1 (for Key Individuals) examinations with more confidence. You will gain a better understanding of what is required of anyone giving financial advice with regard to the FAIS Act. Once you successfully pass the exam, and obtain the RE certificate, it will make you more sought after in the industry.

RE5 – No. At this stage you are a representative under supervision and CPD does not apply to you yet. You are still in the process of becoming fit and proper in terms of the competency requirements.
RE1 – Yes.

Not normally as the demand for weekend training is too low but we will consider the request if we receive bookings for at least 12 learners to make it a worthwhile exercise for everyone concerned and if it can be held at a client’s premises in the case of face-to-face training.`
However, from our experience over the years of offering the RE workshops, we do not recommend this option as the attendance of the sessions over weekends is very poor and therefore not very successful or popular.

Financial Advisory & Intermediary Services.
The FAIS Act, 37 of 2002 came into effect on 30 September 2004, specifically to protect clients and to regulate and professionalise the financial services industry.
It brought South Africa in line with international practice in requiring that people who are in the business of providing financial services must meet certain standards. These include passing professional examinations.

Financial Sector Conduct Authority

Yes, if you are a Key Individual or a Representative in a category that requires it. The RE requirement is entirely separate from the qualification requirement.

No. The RE requirement is a separate requirement that has to do with your knowledge and understanding of the legislation. It is not a formal qualification in the same way as your NQF qualification is.

Growth in Motion assists all our students with their exam bookings with Moonstone, who is the only accredited exam provider for the Financial Services Conduct Authority (FSCA).
You could book your own exam by registering online on this link https://www.faisexam.co.za/nav/public

The RE 5 exam has 50 questions and is written in 2 hours with a pass mark of 66%.
Please note: In order successfully to complete the RE5, you are required to achieve at least 33 correct answers out of a total of 50 questions to obtain the pass mark of 66%.
The RE 1 exam has 80 questions and is written in 2 hours and 30 minutes with a pass mark of 65%. This requires 52 correct answers.

The exam cost is determined by the FSCA and is currently R1 226 per exam, also for every re-write.

No – no training programme can but at Growth in Motion we do our best to assist and support our learners. Our programme will give you the structure of the content, indicate where the priorities lie and clear up the main concepts. It will also give you an understanding of the style of the questions and the nature of the examination. However, it is up to you as well to study the legislation and put in the necessary work to prepare for the exam.

Exam certificates are not issued by Growth in Motion but by Moonstone, the examination body.
If you recently wrote and passed your exam, you could obtain your certificate by:

  • contacting Moonstone on 021 883-8000 or 021 888-9796, or
  • downloading your certificate from Moonstone’s website.

If you have lost your certificate, contact the Financial Sector Conduct Authority (FSCA) to request a copy and supply your ID number to them.
Exam providers upload exam results to the FSCA where all these records are kept.