RE stands for Regulatory Examination. RE5 is the Regulatory Examination for Representatives. A Representative is an individual who renders a financial service in the financial services industry in SA. Any person who renders an intermediary service or renders financial advice can be regarded as a Representative in the financial services industry.
In order to be regarded as fit and proper in terms of the FAIS Act legislation, individuals must pass the RE5 examination. The pass mark is 66%, the format of the examination is 50 multiple choice questions, and it is 2 hours long examination.
There is a 24 month time limit (from the date of first appointment as a representative) within which the RE5 examination must be passed. Should the RE5 examination not be passed within the 24 month period, an individual may be debarred from rendering a financial service in the industry until the examination is passed.
The RE5 examination is written through an examination body called Moonstone who are appointed by the Financial Sector Conduct Authority (FSCA). Examinations are written throughout the calendar year by registering with Moonstone. The fee for taking the examination is set by the FSCA and is currently R 1226,00 per exam
If you are interested in writing the RE5 examination please click on the following link to register with Moonstone – https://www.faisexam.co.za/nav/individualPublic/public?record=new
For additional support and study material, please contact us on 073 4322 320 or reexambuddy@gmail.com.