Secondary

Proof of RE Status

A reader wrote as follows:

Please clarify the issue of RE Level 1 certificates. When I wrote my RE5 and RE1, I was notified by email and a certificate was attached.

I am now getting enquiries from successful candidates asking when they will receive the ORIGINAL certificate. To the best of my knowledge, no ORIGINAL certificates will be issued by either the examination body or the FSB. Is this correct?

To the best of my knowledge, Moonstone is the only exam body to issue certificates to successful candidates. The FSB does not supply certificates.

There will be a register on the FSB website where candidates and product houses can verify the RE status of FSPs. As far as I could establish, this is not yet in place. We will try and ascertain when this will be available.

Our own website contains details of candidates who wrote at a Moonstone venue near them. On the registration page you can access your results, using your ID and the password issued during registration. Please check for the relevant heading at the top of the landing page. If you have forgotten the password, you can request a new one. Take note that the new password will be sent to the e-mail address used during registration. If yours has since changed, please contact our RE department to update your information. There are quite strict arrangements in place to ensure the confidentiality of your information.

By far the most queries received regarding “lost results” were due to people using more than one e-mail address or supplying us with an incorrect e-mail address.

The certificate mentioned above is not obligatory, and an e-mail confirming a candidate’s result can easily be falsified. The regulatory onus to ensure that FSPs are fit and proper rests equally on the shoulders of the advisor and the product house. Quite frankly, I think this is one obligation product houses should not delegate to advisors.

We have seen a number of findings against product providers who contracted with FSPs who were not duly licensed to market their products. Whilst the findings were amicably settled thus far, there will come a time when the Enforcement Committee will bare its fangs.

Accepting business from an FSP who is not fit and proper can be seen in the same light.

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