A number of candidates complained that the Level 1 REs contain questions not related to their sector of the industry. It is common knowledge that the Level 2 REs will be product specific.
I discussed this with our question development team. The basis for setting any question is the qualifying criteria, and the applicable legislation.
The only reference that I could find appears in Task 4 in the Rep’s Qualifying Criteria (QC).
Task 4: Apply knowledge of financial products.
- Provide an overview of the different types of financial services and financial products a FSP can deal with.
- Explain the relationship between different industry players.
- Apply knowledge of the financial products and role players within the financial services environment.
In other instances than the above, reference to a specific sector will merely be made to lend reality to the question, and make it more understandable. It could for instance be set against an investment background, but your knowledge and comprehension of the General Code of Conduct is what is being tested in the RE, not your knowledge of investments or long-term insurance.
It is important that you read each question carefully to understand what is really being tested. If you allow yourself to be side-tracked, you disadvantage yourself.