If you dream of working in the banking or insurance sector (collectively known as the financial services sector), you will need to pass the RE5 exam and receive your RE5 certification. Having this certification will give you an advantage over other applicants. The RE5 Certification shows employers that you have knowledge of the regulations necessary to sell or advise clients on insurance, investments, pension funds, and medical schemes.
You only need matric to take the RE5 exam, and you can start working without having costly degrees or certification. You can start a long and prosperous career in financial services, for less than R300.
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RE FREQUENTLY ASKED QUESTIONS
What is the RE5 Regulatory Examination?
RE5 is the Regulatory Examination for Representatives. Representatives are people who work in non-decision making roles in and only advise on products and sell services in the banking and insurance sector. In the financial services sector there are other different exams. like the RE1, RE3 and RE4. The RE5 exam is meant for all representative in the financial services sector.
Is the RE5 Exam Difficult?
The RE5 exam is difficult, but not impossible. The key to passing the exam is to prepare thoroughly by reading through the necessary study material and attempting practice exams to assess your readiness for the actual exam.
Can I Write RE5 Exam Without FSP Number?
Yes, you can write the RE5 Exam without an FSP number. If you are not yet employed by a Financial Services 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
What is the Cost of the RE5 Exam?
The cost of the exam, at present, is R1226, this fee is the same to rewrite the exam. The examination fee is legislated exam. This means the government determines what the cost of the exam should be. The exam fee is payable to the examination body when you are ready to write the actual exam.
Why are we required to write regulatory examinations?
As a result of extensive industry consultation during 2006 to 2008 it was identified that FSPs, it’s key individuals and representatives do not have adequate knowledge and understanding of the legislation they must comply with in respect of the Financial Advisory and Intermediary Services Act, 2002 and the Financial Intelligence Centre Act, 2001. This resulted in regulatory action being taken frequently against FSPs, key individuals and representatives. In order to address this gap, the regulatory examinations were introduced in 2008.
The objective of the regulatory examination(s) is to empower persons that are authorised, approved or appointed in a particular regulatory role and to avoid regulatory action being taken against them for non-compliance. Clients will also be better protected where FSPs, key individuals and representatives comply with their regulatory responsibilities.
How many regulatory examinations are there?
There are four regulatory examinations
- Regulatory Examination: FSPs and Key Individuals in all Categories of FSPs – RE1
- Regulatory Examination: FSPs and Key Individuals in Categories II and IIA – RE3
- Regulatory Examination: FSPs and Key Individuals in Category III – RE4
- Regulatory Examination: Representatives in all Categories of FSPs – RE 5
Which regulatory examination must I write?
You can identify which examination to write by consulting the table below to see which examination is applicable to you:
| RE Number | Regulatory Examination | Must be written by: |
| RE1 | FSPs and Key Individuals in all Categories of FSPs | This examination applies to FSPs, Key Individuals and Compliance Officers in Categories I, II, IIA, III and IV of FSPs. The examination consist of 80 questions in total. |
| RE3 | FSPs and Key Individuals in Categories II and IIA | This examination applies only to FSPs and Key Individuals in Categories II and IIA. This examination focus specifically on the Code of Conduct applicable to Category II and IIA, and only consist of 30 questions. The RE 3 must written in addition to the RE1. |
| RE4 | FSPs and Key Individuals in Category III | This examination applies only to FSPs and Key Individuals in Categories III. This examination focus specifically on the Code of Conduct applicable to Category III, and only consist of 30 questions. The RE 4 must written in addition to the RE1. |
| RE5 | Representatives in all Categories of FSPs | This examination applies Representatives in all Categories of FSPs. This examination consist of a total of 50 questions. Exceptions The following representatives are not required to write the RE5: Representatives appointed to render financial services in respect of funeral and friendly society benefits only (subcategory 1.1 and 1.19 only); Representatives appointed to render financial services in respect of Tier 2 financial products only; Representatives appointed for execution of sales in respect of Tier 1 financial products only. Tier 1 financial products – please refer to Board Notice 194 of 2017, Annexure Three, Table 1 Column A to see which products are Tier 1 products. Tier 2 financial products – please refer to Board Notice 194 of 2017, Annexure Three, Table 1 Column B to see which products are Tier 2 products. |
Where do I register to write the regulatory examinations?
Please contact the examination body to book a date for writing the actual regulatory examination(s).
Registrations can be done per telephone or on-line:
To register by telephone: The Moonstone registration call centre are available weekdays during business hours (08:00 – 16:30). Call 021 888 9796
To register on-line: Complete the on-line registration: On-line registration For more information regarding Moonstone examination body, please visit their website: Moonstone examination body
What do I need to register for the RE5 examination?
In order to register for the examination you will be required to supply the examination body with the following information:
- Your ID number / passport number (you may only use a passport number of you don’t have a South African ID number)
- FSP number
- Personal and contact details
- Professional details (For example insurance, banking, investments, etc.)
What is the pass mark of the regulatory examinations?
The pass mark for the regulatory examinations is 65%
Please note:
The RE5 (Regulatory Examination: Representatives in all Categories of FSPs) only consist of 50 questions.
This means:
- A result of 32 out of 50 = 64% (below the required pass mark of 65%)
- A result of 33 out of 50 = 66% (above the required pass mark of 65%)
In order to successfully complete the RE 5 you are required to achieve at least 33 correct answers out of a total of 50 questions.
What is the format of the regulatory examinations?
The regulatory examinations are multiple-choice examinations. Each question will have four options of possible answers, and you must select one of the four options as the correct answer.
Must I know the legislation verbatim?
No. there is no need to memorise the legislation. Where a question refers to a specific section in the legislation, then that particular section will be included in the question for ease of reference.
Is there anything that I must pay particular attention to when preparing for the regulatory examination?
Yes. It is critical that you read the legislation. You cannot expect to write an examination that test your knowledge and understanding of legislation, if you have never read the legislation itself.
Pay particular attention to the definitions. It is important that you understand the meaning of the terms that are used. If you don’t understand the meaning then it is easy to misinterpret the question.
The more you read the legislation, the easier it becomes to understand and interpret what you are reading.
