The amended requirements contained in the 2017 Determination of Fit and Proper Requirements will have a substantial impact on the content of the study material for the REs.
The FSB’s FAIS Information Circular 1/2018 confirms a number of matters we discussed since the publication of the new Fit and Proper Determination, which comes into effect from 1 April 2018.
Certain questions in the RE 1 (key individuals) and RE 5 (representatives) will change to align with the new regulations.
Current Version of RE 1 and RE 5
Persons already registered to write the regulatory examination BEFORE or on 29 March 2018, will still write the current version of the regulatory examination (without the updated questions included).
The last date for registration to write on 29 March 2018 is close of business on 13 March 2018.
Updated Version of the RE 1 and RE 5
Persons who registered to write the regulatory examination ON or AFTER Tuesday, 03 April 2018 are obliged to write the new version of the regulatory examination, which will contain the updated questions. It is very important for these candidates to ensure that they use updated preparation material that is aligned with the qualifying criteria in Annexure Four of Board Notice 194 of 2018.
Registration/cancellation/amendments of examination dates
It is important to take note of the time lines involved for registration, as well as amendments to the exam dates. The standard cancellation policy will apply to all registrations for the regulatory examinations. Candidates who wish to re-schedule their examinations should take careful cognisance of the FSB’s cancellation policy. If at all unsure, please speak to our call centre staff to make sure you do the right thing.
The updated FSB Preparation Guide for RE 1 and RE 5, together with the relevant legislation, and the relevant Training Manuals from BANKSETA/INSETA may not yet be available at the time that the updated RE 1 and RE 5 roll out on 3 April 2018. More information in this respect will be made available as soon as possible.
As always, we urge candidates to make sure that they are fully prepared before they write. Do not rush to write before the end of March simply to avoid having to acquire the new study material, and run the risk of not passing.
Similarly, those registered to write from April onwards, must please ensure that they have covered the amended information in sufficient detail before they write.
Please click here to download the FAIS Information Circular 1/2018.