REPRESENTATIVE
TRAINING & EDUCATION

Qualification requirements for Representatives

A Representative of an FSP must meet qualification criteria in order to be fit and proper as stipulated in the FAIS Act and must, therefore, have appropriate qualifications.

The following is required for representatives, unless otherwise stated or for which exemptions are made:

  1. Class of Business Training
  2. Product-specific training
  3. Regulatory Examinations
  4. Recognised Qualifications
  5. Continuous Professional Development Requirements

Until such time that the representative meets the criteria, they will work under the direct or indirect supervision of the FSP’s key individual.

  • Direct supervision:

During the first months of the term under supervision, direct supervision entails more hands-on supervision of the Representative, ranging from daily to weekly supervision. The subcategories for which the Representative has a licence determine the kind of direct supervision that will be provided.

  • Indirect / Ongoing supervision:

After the first direct supervision period ends, indirect or ongoing supervision begins and lasts until the end of the supervision period. A sample of the Representative’s work will be under supervision at least twice a week, if not every month.

  • Direct supervision:

During the first months of the term under supervision, direct supervision entails more hands-on supervision of the Representative, ranging from daily to weekly supervision. The subcategories for which the Representative has a licence determine the kind of direct supervision that will be provided

  • Indirect / Ongoing supervision:

After the first direct supervision period ends, indirect or ongoing supervision begins and lasts until the end of the supervision period. A sample of the Representative’s work will be under supervision at least twice a week, if not every month.

Supervision period of Representatives

01
First 12 Months
  • The Representative must complete the relevant Class of Business Training.
  • The Representative must complete product training by the FSP.
  • Gain experience
  • 02
    2 Years
  • By the second year of working under supervision, the Representative needs to have written and passed the RE5 Exam, therefor being in possession of the RE5 Licence.
  • Gain experience for CAT 2/2A (if relevant)
  • Marks the end of working under direct supervision
  • 03
    6 Years
  • Obtain an industry specific qualification recognized by FAIS
  • Work under ongoing supervision until all the qualification requirements are met.
  • Gain experience for CAT 2/2A (if relevant)
  • Marks the end of working under direct supervision
  • Class of Businness

    Class of Business training focuses on general knowledge about financial products related to a specific industry. There are nine broad classes of product categories for which financial service providers can obtain licenses for.

    Recognized Qualifications

    Representatives appointed from 2010 onwards must get a full qualification from the qualification list and comply with the other fit and proper requirements relating to competence. The institution must be accredited by the QCTO.

    RE5 Requlatory Exam

    There are various training providers offering preparations options to representatives and individuals wanting to work as a Representative of an FSP. They provide RE5 Study Material, Mock Exams, Workshops or webinars.

    CPD Requirements

    CPD programmes and/or activities include the following: Courses, conferences and seminars Studies leading to informal assessments, Workshops, Structured self-study programmes. RE5 Workshops are excluded.

    Obtaining your RE5 license

    Before attempting to write your RE5 exam, you need to study and ensure that you are well-prepared to answer the 50 multiple-choice questions that you will be presented with.  To pass the RE5 Exam, you need to answer at least 33 questions correctly, ultimately obtaining 66%.

    Each question in the RE5 Exam will have four possible answers, one of which will be the correct option.

    You can pass this exam by:

    • Ensuring you have updated RE5 study material
    • Practicing with RE5 Mock exams
    • Attending a RE5 workshop or webinar

    Who is required to write the RE5 exam?

    The RE5 regulatory examination is relevant to all representatives of FSP in all categories, unless otherwise stated.

    Representatives exempted (representatives not required to write the RE5 exam):

      • Subcatergories 1.1 and 1.19 Representatives (Representatives appointed to render financial services in respect of funeral and friendly society benefits only)
      • Tier 2 financial Products (Representatives appointed to provide financial services in respect of Tier 2 financial products only)
      • Tier 1 Execution of Sales (Representatives appointed to do execution of sales in respect of Tier 1 financial products only)

    Writing the
    RE5 EXAM

    Get RE5 Study Material or attend a RE5 training program

    It is important to remember that RE5 is not a qualification; it is a license.  Therefore, training providers offering preparation courses and workshops are not required to have any accreditation.  With this being said, it is still vital to ensure that you are attending an RE5 workshop or webinar, at a reputable training provider.

    Before registering for RE5 training, it is within your right to;

    • Read reviews
    • Browse their website
    • Browse their Learner Management System
    • Ask them for a demonstration of their LMS

    Remember, going for cheaper options are not always guaranteed.  When paying for this service, ensure that you are getting the best value for your money.

    Booking your RE5 Exam

    Exams can only be written by registering to write your RE5 Exam at Moonstone in your area.  Moonstone is the only regulatory exam body, mandated by the FSCA.

    Moonstone has an RE5 Exam Schedule with available dates and timeslots to write the representative exam.

    You can book for your RE5 Exam online at Moonstone.

    Where to obtain your industry-specific Qualification?

    There is a vast amount of training institutions offering FAIS Qualifications.  Before enrolling at a specific institution, we strongly advise that you verify their accreditation on the accredited database of QCTO.

    QCTO (Quality Council for Trades and Occupations) is South Africa’s public entity responsible for quality assurance and the oversight of the design, accreditation, implementation, assessment and certification of occupational qualifications, part-qualifications and skills programmes.

    Need to discuss anything?

    Get in touch with us today!
    Scroll to Top