FAIS Credits and Qualifications

Posted on 59 Comments

The competency requirements under FAIS are often misunderstood, leading to many people stressing unnecessarily.

Prior to 2010, transitional arrangements were in place which allowed for “FAIS Credits” to be obtained which would exempt representatives from having to obtain a full qualification.

It is important to note that this only applies to those licence categories which applied at the time. If one applied for a new licence category from 2010 onwards, the relevant approved qualification is required.

New entrants to the industry from 1 January 2010 onwards are required to obtain a full qualification within six years of date of first appointment, while working under supervision, until such time as they have completed the qualification and passed the required regulatory exams.

FAIS Credits are not an option for those appointed after 1 January 2010, nor does the successful completion of a recognised qualification lead to FAIS Credits being awarded. It only applies to first time appointees before 1 January 2010.

The most important thing for those appointed after this date is to make sure that they study towards a recognised qualification. Normally, a full qualification consists of a number of clusters, each providing a certain number of credits, the total of which should at least be 120.

Please note that successful completion of the full range of prescribed clusters is required in order to obtain the qualification. Credits obtained towards the acquisition of the qualification do not count for anything until all the clusters have been successfully completed.

NB: Regulatory Examinations, often referred to as “FAIS” exams, is a totally separate competency requirement and does not qualify successful candidates with any credits towards a full qualification.

If you have any questions in this regard, you are welcome to contact Moonstone Business School of Excellence:

Stellenbosch: 021 883 8000
Pretoria: 087 702 6429.

59 thoughts on “FAIS Credits and Qualifications

  1. I would like to do my Fais credits as I already have RE5 through moonstone please assist how I can do the full course to get 120 credits

    1. Good day
      Please contact our Regulatory Exam Department on 021 8838000 or 021 8889796 or email faisexam@moonstoneinfo.co.za

      1. How would you go about being FAIS accredited? Do Financial Management course college students qualify for it?

        1. To be accredited, you will need to pass the regulatory exam and have an accredited qualification appropriate to the product or service you provide as a representative of an FSP, which depends on the FSP’s licence category. The list of recognised qualifications is on this page: https://www.fsca.co.za/Regulated%20Entities/Pages/Qualifications%20Requirements.aspx
          Financial management is a recognised subject.

    2. Hi I booked My RE5
      But when I tried login it says I’m not registered

  2. Where do I to do full qualifications according to Your records? My ID no is 6905175518087 Mr Johannes M Sejane 0748321259
    4 Radium Road
    Steel Park
    Vereeniging
    1939

    1. I have forwarded your query to the relevant department.

      1. Hi there. I would like to do the fais course at moonstoone. Where is it located in durban or is it done online?

        1. Hi. Moonstone does not have a “FAIS course”. Are you referring to the RE? All our courses are online: https://www.mbse.ac.za/

    2. This is too public to share your ID number sir

  3. Which courses to do if I need to have 150 credits or which certificate or diploma for business management courses at you institute

    1. Currently, MBSE does not offer courses in business management.

  4. I work for a FSP and would like to complete my RE1 and RE5
    Please advise of the exact process to follow and how I can enrol and obtain the necessary module information to prepare for the exams.

    1. Information about writing RE exams through Moonstone can be found here https://www.moonstone.co.za/services/regulatory-exam-body/

  5. Please advise how I can enrol and obtain the necessary module information to complete my RE1 and RE5

    1. Please direct queries about RE exams to Moonstone’s Regulatory Exam Department.
      https://www.moonstone.co.za/services/regulatory-exam-body/

    2. While still on that please also assist. I want to be a FAIS supervisor. What modules or course can I do in Moonstone

      1. I do not understand what you mean by a “FAIS supervisor”. If mean you a compliance officer, MBSE has this course: https://www.mbse.ac.za/qualifications/occupational-certificate-compliance-officer-nqf-6/

  6. I would like to complete my RE5

  7. Good day

    I have Re5

    How do I get 120 credit

    1. Please direct queries about RE exams to Moonstone’s Regulatory Exam Department.
      https://www.moonstone.co.za/services/regulatory-exam-body/

  8. I have 10 years of insurance experience I want to further myself do I need matric

    1. You do not need a matric certificate to study for MBSE’s Further Education and Training: Short Term Insurance (NQF 4). Click here for more information and to apply: https://www.mbse.ac.za/qualifications/fetc-short-term-insurance-nqf-4/

  9. Hey

    can you please advise how I can register to do my RE5 with you?

    1. Please direct queries about RE exams to Moonstone’s Regulatory Exam Department.
      https://www.moonstone.co.za/services/regulatory-exam-body/

  10. Good afternoon,

    I am interested in the FETC Short Term Insurance NQF 4 but am currently based in the UK with the view of moving back home in 2024. Can i complete this course fully online or is there a requirement for assessments to be sat in person?

    Kind regards,

    Reon

    1. Good day
      According to the course information, there is a closed-book summative assessment – see “Assessments” on this page https://www.mbse.ac.za/qualifications/fetc-short-term-insurance-nqf-4/
      I suggest you contact MBSE and find out whether they can accommodate you in some way.

  11. Good day
    I would like to do my credits with you. Kindly send me the quotation of the courses and all other details that are required from me

    1. I have sent your enquiry to the RE Exams department.

  12. How would I be able to check how many credits I have completed and what is still needed to be done?

    1. Good day. Your query has been forwarded to MBSE.

  13. Good day
    I would like to know how do I check my credits online I want to know how many credits I have

    1. Good day. Your query has been forwarded to MBSE.

  14. Good day,
    I would like to have a qualification or certificate for RE5 or RE1 ,how can I go about it.

    Thank you

    1. Good day
      Information about how to register to write the RE exams can be found here: https://www.moonstone.co.za/services/regulatory-exam-body/
      Note: Moonstone does not provide RE study material or workshops. We do publish guides and other material to help you prepare for the exams: https://www.moonstone.co.za/library/regulatory-examination-library/#RE2
      We also have four exam preparation videos: https://vimeo.com/showcase/regulatory-exam-preparation

  15. Good day
    I would like to know the amount of credits I have as I have the RE5 qualification or certificate. Please assist.

    Thank you

    1. Good day
      Queries relating to FAIS credits should be sent to help@mbse.ac.za

  16. Hi
    I started working for an FSP in 2016 rendering financial services up until 2018 I was promoted be a supervisor for international campaigns customer service nor rendering financial services , I would like to further my studies and would like advices on how to go about it, I’m told about my DOFA so I’m not sure if starting with the RE 5 would do me any good

    1. Good day
      I suggest you send an enquiry to Moonstone Compliance by completing this form: https://www.moonstonecompliance.co.za/compliance-and-licensing-service-enquiry/
      They will then be able to determine your licensing needs.

  17. Good day

    I have a National Certificate in Banking Services Advice (NQF 5) which I obtained in 2014, and I passed my RE5 exam. I was providing advice from 2018 to 2021. Based on this, do I have FAIS credits even though I completed my qualification before I was appointed as a representative?

    Also, where can one obtain information about clusters?

    1. Good day
      Queries relating to FAIS credits should be sent to help@mbse.ac.za

  18. Good i am interested to study FAIS with you guys, it is possible to do it online over a 6 months period.

    1. Good day
      Information about how to register to write the RE exams can be found here: https://www.moonstone.co.za/services/regulatory-exam-body/
      Note: Moonstone does not provide RE study material or workshops. We do publish guides and other material to help you prepare for the exams: https://www.moonstone.co.za/library/regulatory-examination-library/#RE2
      We also have four exam preparation videos: https://vimeo.com/showcase/regulatory-exam-preparation

  19. hey, how do i go about in obtaining my 120 credits and what are the full costs of it .

    1. Queries relating to FAIS credits should be sent to help@mbse.ac.za

  20. Good day I have re5 I need to redo all my fais modules my exemption ends January 2024 will this be possible

    1. Your enquiry has been sent to the exams department.

  21. Good day.
    I have 30 Credits which I received in 2007.
    I did my RE in 2012.
    Every time I apply for a vacancies, I am told that I need 120 FAIS credits.

    Do I need more credits ?
    Please assist.

    1. Good day
      Queries relating to FAIS credits should be sent to help@mbse.ac.za

  22. hh, how do i go about in obtaining my 120 credits and what are the full costs of it .

    1. As the article explains, there are no “FAIS credits” for people appointed after January 2010.
      The FSCA does not issue “FAIS credits”. Credits cannot be awarded for industry experience – credits refer specifically to the credits allocated to registered skills programmes and/or full qualifications. The credits are allocated by the relevant role players who developed the qualification and SAQA approved the credits before registering the qualification on the NQF.

  23. hi

    i have been registered in march 2013 on the FSB however i never did my RE Exams as i only found out last year about it when i went for an interview as the company back then never told me about this, however i am currently studying to write my RE5 in august do i still need fais credits to get a job in the insurance industry?

    1. There are no longer such things as FAIS credits. You need to pass the RE5 exam and have a recognised qualification.

  24. Good day .
    I have passed my RE5 and some modules on 120 fais credits so I have left with two BIF100 & SFP100 please help I want to do these to modules because everytime I apply for a jobthey asked me about these 120 credits. Please provide me with the price of these two modules

    1. Good day. Moonstone does not offer these modules.

  25. Hi. I would like to do a FAIS, NCA and RE5 certificates

    1. Hi
      Thank you for your interest in Moonstone’s RE service.
      Information about how to register to write the RE exams can be found here: https://www.moonstone.co.za/services/regulatory-exam-body/
      Note: Moonstone does not provide RE study material or workshops. In terms of our mandate from the FSCA, we cannot recommend training providers.
      We do publish guides and other resources to help you prepare for the exams: https://www.moonstone.co.za/library/regulatory-examination-library/#RE1
      We also have four exam preparation videos: https://vimeo.com/showcase/regulatory-exam-preparation
      The exam fees are set by the Financial Sector Conduct Authority. The current fee to write the exam is R1 226 (VAT inclusive) per examination per candidate.
      Moonstone has venues around South Africa where students write the exams. To find a venue, go to https://www.faisexam.co.za/nav/public and click on the Venues tab. To check the exam schedule, click on the Exam Schedule tab.
      MBSE has three NCA courses. The details and prices can found here: https://www.mbse.ac.za/short-courses/national-credit-act/
      I don’t know what you mean by a “FAIS certificate”. MBSE does not offer such a course.

  26. Good day I would like to do MY RE5 certificate.

    1. Good day
      Thank you for your interest in Moonstone’s RE service.
      Information about how to register to write the RE exams can be found here: https://www.moonstone.co.za/services/regulatory-exam-body/
      Note: Moonstone does not provide RE study material or workshops. In terms of our mandate from the FSCA, we cannot recommend training providers.
      We do publish guides and other resources to help you prepare for the exams: https://www.moonstone.co.za/library/regulatory-examination-library/#RE1
      We also have four exam preparation videos: https://vimeo.com/showcase/regulatory-exam-preparation
      The exam fees are set by the Financial Sector Conduct Authority. The current fee to write the exam is R1 226 (VAT inclusive) per examination per candidate. This fee will increase in 2024.
      Moonstone has venues around South Africa where students write the exams. To find a venue, go to https://www.faisexam.co.za/nav/public and click on the Venues tab. To check the exam schedule, click on the Exam Schedule tab.

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