Q: Which regulatory exam must I write?

A: For purposes of this question, we will restrict the answer to the Level 1 exams only.

The RE1 must be written by all key individuals. In FSB correspondence, it is set out as follows:

All Applicants or Key Individuals who are responsible for managing and overseeing the business relating to the rendering financial services for FSPs in Category I, II, IIA and III are required to write this examination.

RE5: All Representatives, including those employed or mandated by an FSP, who render a financial service to a client (excluding a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity which does not require judgment or does not lead to a specific transaction in respect of a financial product in response to general enquiries) are required to write this examination.

If you are a sole proprietor/one person business, you are required to write both the KI and rep’s exam. We have had numerous discussions with callers on the necessity of this requirement. Whatever one’s view is, it stands, and has to done.

RE3: All Applicants or Key Individuals who are responsible for managing and overseeing the business relating to the rendering financial services for FSPs in Category II (Discretionary FSPs) and IIA (Hedge Fund FSPs) are required to write this examination in addition to the examination mentioned above.

Q: What must I learn?

A: The qualifying criteria, which is contained in the FSB preparation guide (ook in die Afrikaanse voorbereidingsgids)sets out exactly what you should know. There are 8 tasks for the Rep’s exam and 16 for the key individual.

Q: Do you provide study material?

Neither the FSB nor its four approved examination bodies are allowed to provide or endorse study material. The FSB published the following view on study material:

The Office of the Registrar is of the opinion that no training material is required to prepare for the examination. The qualifying criteria should be used, and should be crossreferenced with the relevant legislation.

A wide variety of training service providers have filled the gap for those who find it difficult to interpret the “legalise” contained in the legislation. Feedback from readers indicate that using plain language material to understand what is required, followed by using the qualifying criteria and legislation, ensures the best results. This is mainly because the actual exams are set using the qualifying criteria and legislation only, and the simplified wording used in training material is not identified by some candidates when they write the exams.

Q: When can I get my results?

We understand that this is a nerve wracking exercise, and do our best to get the results out as quickly as possible. We are, however, reliant on courier services for picking up the answer sheets and delivering it to our secure marking facilities. The latter is an FSB requirement. Often, if there is a weekend involved, it may delay the announcement of the results by a day or two.

Your results are sent via e-mail. Two tips to help you:

  1. Make sure you provide the correct e-mail address upon registration, and that it corresponds with the one you supply at the venue. Many people suffer unnecessary anxiety because they did not supply the correct address, or is not looking in the right place.
  2. If you write with Moonstone and pass, you are issued with a certificate. This is sent as an attachment with your results. Some folk are so elated at reading the good news, that they forget to download the piece of gold attached.

If you have any questions, please feel free to contact us. Rather safe than sorry, should be your motto.

In closing: thank you for the calls and e-mails regarding an article last week. A number of readers who already passed the exams said they were extremely happy to receive news on the REs, knowing that they can ignore it.

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