The information below is taken directly from FAIS Information Circular 8/2013.
Level 1 REs
“The FSB decided to commence with a review of the Level 1 examinations. The review will mainly focus on the RE1 examination that is prescribed for sole proprietors and key individuals and the RE5 examination that is prescribed for representatives.
“There is a significant overlap in the knowledge criteria for the RE1 and RE5 examinations. In fact, the knowledge criteria for the RE5 are to a large subsumed in the content required for the RE1 examination. The knowledge criteria for the RE1 examination, however, are more extensive than the RE5 examination as the focus of the examinations differs substantially.”
“Apart from the above, the main difference between the two examinations is the skills criteria that are determined to test a person’s ability to apply the knowledge required to perform his/her specific regulatory role. The effect thereof is that the application of the knowledge differs per examination, even though the knowledge criteria are the same.
The FSB intends to investigate the possibility of combining the RE1 and RE5 examinations into one cost effective and time efficient examination. This will result in a person, who currently may be required to write both the RE1 and RE5 examination, the option of writing one examination only.”
Level 2 REs
“The FSB is conducting a review of the Level 2 examinations. A focus group will be established shortly to consider different delivery models and the extent of the re-development of the applicable qualifying criteria.
On completion of the above, the FSB will publish, for comment, a discussion document that details the proposed new delivery model.
It is anticipated that the exemption granted in respect of the Level 2 examinations will be in force for at least the next three years to allow for the development and implementation of the new model.”
“In reviewing the design of the Level 2 examinations, the FSB will consider the CPD requirements and any impact thereon that may result from a change to the Level 2 examination model.
The FSB anticipates that it will be able to publish the proposed new CPD requirements by 31 December 2014. Until then, the current exemption granted to all providers of financial services in respect of CPD requirements will remain in force.”
“The FSB has decided to temporarily suspend the development of the bespoke examination until further clarity can be obtained regarding the impact of the proposed micro-insurance legislation and other regulatory developments on that examination.
The exemption granted to representatives rendering financial services in respect of certain defined financial products will remain in force.”
Please click here to download FAIS Circular 8/2013.