RE FAQ's

Posted on 18 Comments

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.

I like the way you think.

18 thoughts on “RE FAQ's

  1. Kindly advise if an individual can register for the RE5 exam without being employed by an FSP?.

    1. Yes, you can register for the RE5 exam without being employed by an FSP.

      1. But don’t you need a FSP number to register for the exam?

        1. I have forwarded your enquiry to the relevant department.

          1. Hi Mark.

            Can you please confirm, if I need to work for FSP, to write the exam for RE1/RE3/RE5?

            Requirements to register for the exam, includes having an FSP number.

            Regards,
            Keegan.

          2. The field for the FSP number is purely for tracking purposes. If you do not work for an FSP, you can leave it blank or put in a “0”.

  2. i need to know if you have passes your RE5 in 2012 and obtained your CPD points in full do you need to do anything else?

    1. Do anything else for which purpose?

  3. Do I need to be employed at all to do Re1 and Re5?
    As I’m a student who wants to do these exams and I’ve barely worked let alone in a financial service provider

    1. No, you don’t need to be employed two write the RE exams.

  4. If you wrote re5 for 12 times and you you request extra time how they assist

  5. If you can write the exams without being currently employed, how do you get the FSP number?

    1. I have forwarded your enquiry to the relevant department.

      1. Good day, can you please forward my equity to the relevant department as well.

  6. Good day
    I have received my RE 1 and my DOFA date is 04/2016 category 1 and Sub category 2 can i still obtain my Full Qualification?

    1. Good day. I have sent your enquiry to the exams department.

  7. I have R.E5, can I write R.E1 even if I’m not in any managerial or supervision position?

    Would like to have it ready for when the time comes.

    1. Yes you can.

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