The Financial Sector Conduct Authority has warned the public against Sandile Arnold Ngubane and his company, EduMe with Sandile November (Pty) Ltd, over the alleged unauthorised production and sale of Regulatory Examination (RE) certificates.
The FSCA alleged that Ngubane, who is EduMe’s sole director, was engaged in unlawful activities relating to the unauthorised production and sale of RE certificates. According to the regulator, EduMe markets its services on Facebook and operates through WhatsApp.
EduMe’s services include training and online seminars to prepare candidates for the RE. However, the FSCA alleged that the company was also producing and selling RE certificates bearing the branding of the FSCA and Moonstone Information Refinery (Pty) Ltd.
The FSCA said in a statement on 6 October 2026 that EduMe was neither authorised nor approved as an examination body under section 6(4) of the Financial Advisory and Intermediary Services Act, read with Board Notice 154 of 2008.
Moonstone is the only approved examination body, the FSCA said. It said it had delegated the power to develop and deliver specified categories of the RE solely to Moonstone.
The regulator urged candidates to ensure that all communications, examinations, and payments relating to obtaining an RE certificate are handled directly by Moonstone, without the involvement of a third party.
The warning does not, however, extend to RE preparation training. The FSCA said there was no bar on an educational institution offering training facilities, educational tools, and services to consumers preparing for the examination.
The authority advised affected members of the public or candidates who had encountered or engaged with anyone offering to sell an RE certificate not to participate in the transaction.
They can contact Moonstone on 021 883 8000 or 021 888 9796, or at faisexam@moonstoneinfo.co.za, to write the RE lawfully.
The FSCA said it was unable to reach Ngubane for comment.
Moonstone’s attempts to obtain comment were also unsuccessful. An email sent to an address associated with EduMe was returned as undeliverable, and a call to the cellphone number provided could not be connected.
