If it’s your dream to have a long and illustrious career in the financial service sector, you will likely need to pass the RE5 exam and receive your RE5 certification. While having this certification is not an obligation to get employed (you can get these qualifications within a year after being employed), it gives you an advantage over other applicants. That’s because this certification shows employers that you have a great understanding of the regulations necessary to sell or advise others on insurance, investments, pension funds, and medical schemes.
Since you only need matric to take the RE5 exam, it can also eliminate the need to pursue costly degrees or certification for entry-level positions.
If you’re looking into the RE5 exam, the guide below should help you get started.
What is the RE5 Regulatory Examination?
During the years between 2006 and 2008, it was determined that financial service providers, key individuals, and representatives had limited knowledge of the relevant legislation governing their work. As a result, individuals and businesses were frequently taking action against FSPs, key individuals and representatives. To combat this, the Financial Sector Combat Authority decided to create a regulatory examination that would address this gap and guarantee that FSPs, key individuals, and representatives know the necessary legislation to carry out their work.
Although there are several different exams, like the RE1 and RE3, the RE5 exam is meant for representatives in the financial services sector. Representatives are people who work in non-decision making roles and only prescribes products or sell services.
Can I Write RE5 Exam Without FSP Number?
Yes, you can write the RE5 exam without an FSP number. If you are not employed by a Financial Service Provider, you will not need to find employment to register for the exam.
If you are, however, working for an FSP, you can use the FSP number of your employer when registering for the exam.
Is The RE5 Exam Difficult?
The RE5 exam is difficult, but not impossible. The key to passing the exam is to prepare for it by reading through the necessary legislation and preparation guide.
You can find a complete preparation guide here. Read through this and the accompanying legislation to prepare for the exam. The accompanying legislation includes:
- FAIS Act – Sec 1 Definition of Complaint
- FAIS Act – Sec 20(3)
- FAIS Act – Sec 20(4)
- FAIS Act – Sec 27 & 27(3) & 27(4)
The exam takes two hours to complete and only requires 65% to pass. Since the exam is only 50 multiple-choice questions, you only need to get a minimum of 33 out of the 50 questions correct to achieve a pass rate.
Where Can I Get Old RE5 Question Papers?
Before you explore the options available to buy old RE5 exam question papers, keep in mind that these exam papers have not been screened by the FSCA for quality assurance or moderation processes. This means the quality of old question papers may vary, and the information relating to the RE5 exam may be completely false or fabricated since there is no accreditation body overseeing these third-party providers.
How To Register to Write The RE5 Exam
If you meet the eligibility criteria as a ‘fit and proper’ individual, you can register for the RE5 exam using the steps outlined below. The process is rather straightforward and shouldn’t take very long to complete.
Step 1: Determine If You’re Prepared
Before you decide to sign up for an exam, be sure you’ve read through the preparation guide. You can book an exam date two to three months before. But, these two to three months may not be enough time to prepare for the exam, depending on your schedule. For that reason, it’s advised that you’re already making progress through the legislation and preparation guide before applying.
Step 2: Visit The Registration Portal
Once you’ve determined that you’re prepared, you can make your way to Moonstone’s FAIS exam portal here. Alternatively, you can visit FAISexam.co.za, select the “Register for Exam/Activity” on the navigation bar at the top of the screen. Then, once you’re on the registration page, scroll to the bottom and select “register for exam/activity” beneath the Registration Options.
Step 3: Input Your Details
Once you’re on the registration page, you will be required to fill in your personal details, including name, ID or passport number, language, race, gender, and nationality. Additionally, you will need to add your contact details and employment history details.
During this registration process, you will also be prompted to enter an FSP number. If you are not employed at a Financial Service Provider, you can enter “none” under the fields that prompt you for an FSP name and number.
Step 4: Select Venue, Date, and Exam
Once you’ve inserted all your information and uploaded a copy of your ID or passport, you can click “Continue.” You will then be required to select a venue and click “go.” Then select the exam you want to write. In your case, it will be the RE5 exam. Now, select the date and time you want your exam to take place from the drop-down menu.
Click “Confirm Booking” to continue.
Step 5: Make Payment
Before you can make payment, you will be required to read and accept the Terms and Conditions for participating in the regulatory exam.
After completing it, you can select your preferred payment method from the two options (either credit card or EFT).
What is the Cost of the RE5 Exam?
There are no accredited or approved preparation programmes for the RE5 exam. So, while you can decide to attend a preparation workshop or programme, this is not necessary. Furthermore, the examination fee is legislated. This means the government determines what the cost of the exam will be.
The cost of the exam, at present, is R1226, this fee is the same to rewrite the exam.
The study material is available on the Financial Services Conduct Authorities website for free, and you can use this material to prepare for the exam.
If you have any more questions about the RE5 exam or how the process works, you can contact Moonstone (the provider of the regulation exams) on 021 883 8000 or submit the contact form on their website.