The title for Task 1 of the RE5 Exam scope is: Demonstrate understanding of the FAIS Act as a regulatory framework.
We recommend that you should take RE5 MOCK EXAM 8 AFTER COMPLETING THIS RE5 MOCK EXAM 1
1. Describe the FAIS Act and subordinate legislation
FAIS Act – Preamble.
FAIS Act – definitions and role players
Definition of direct marketing
2. Provide an overview of the financial services and different types of financial products a representative can deal with
Definition of financial product
Definition of intermediary services
Definition of advice
Information on product suppliers
Information on providers
Information about financial service
3. Apply knowledge of the financial products within the financial services environment.
Definition of financial product
Authorisation of financial services providers
Definition of Long-term policy
Suitability of advice
4. Describe the role and function of a Compliance Officer.
Specific duties of provider
Establishment of compliance function
Compliance officers and compliance arrangements
Maintenance of records
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