The Financial Sector Conduct Authority (FSCA) in South Africa has expressed concern about the widespread fraud occurring in regulatory examinations (eg. RE1 and RE5). This fraud includes candidates buying fake examination certificates, altering existing certificates, paying others to impersonate them during the exam, and bribing individuals with control over the examination process to guarantee a pass.
The FSCA is investigating 121 cases of suspected fraud, with 75 cases involving certificate fraud and 46 cases involving identity fraud. The FSCA has emphasized the seriousness of this conduct, as it undermines public trust in advisors, and is taking steps to ensure that those responsible are kept out of the industry.
Moonstone, the only institution approved by the FSCA to provide these examinations, has warned candidates about exam fraud and can verify the authenticity of certificates if given written consent from the candidate and relevant documents. It is essential that employers take measures to verify the authenticity of candidates’ educational qualifications to prevent certificate fraud.
RE Exam Buddy strongly condemns this kind of behavior and encourage students to be honest and dedicate time and effort into preparing for the exam. The accomplishment of attaining the RE5 certificate is a lot more satisfying when putting in the hard work.