There is always a lot of industry interest in the RE statistics, and the figures contained in the report makes interesting reading.
The pass rate for those who wrote the RE 1 for key individuals stood at 94% at the end of March 2014. Of the 72 017 candidates who attempted the RE 5 by this date, 93% passed.
The Regulator continued to collaborate with the insurance sector education and training authority (Inseta) on workshops for individuals having difficulty in successfully completing the level 1 regulatory examinations.
Combined RE1 and RE5
The Regulator investigated whether the level 1 regulatory examination for key individuals and representatives could be combined into one examination. The initial investigation is complete and the impact and consequences are now being considered.
This relates specifically to representatives who render financial services for certain defined financial products, generally referred to as “simple products”. The registrar temporarily suspended the development of this examination until further clarity can be obtained on the impact of proposed microinsurance legislation and other regulatory developments.
The exemption granted to more than 11 000 representatives rendering financial services on certain defined financial products therefore remains in force.
Level 2 REs
The level 2 regulatory examinations were postponed to allow the FSB to review qualifying criteria and investigate alternative delivery models. In this process, the FSB is also considering continuing professional development or CPD requirements and any impact from a change to the level 2 examination model.
Please download the FAIS Report for more comprehensive details.