Regulatory Exam FAQs

  1. What are FAIS Regulatory Examinations?

They are multiple-choice questions testing financial advisors’ and brokers’ knowledge and understanding regarding:

  • The laws in the Financial Advisory and Intermediary Services Act (FAIS) that oversee conduct and the general Code of Conduct.
  • The giving of financial advice and services which apply to specific financial products.

 

  1. What is the difference between Level 1 and Level 2 Regulatory Exams?

Level 1 examinations– deal with the laws that financial advisors and brokers need to know in order to render financial services and offer financial services to consumers. Once financial advisors have completed this exam they can apply their regulatory role and responsibilities when selling financial products and services to consumers with a full understanding of the laws involved.

Level 2 examinations – write product specific financial exams. The financial advisor or broker will only write an examination about the products he/she is allowed to sell.


  1. What is the difference between RE1 and RE5?

Representatives write exam code RE5, while key individuals and sole proprietors write exam code RE1


  1. Where can I find study material for the regulatory exams?

There are detailed preparation guides available on the FSB website and study guides are available on the Inseta website. In addition to this, BRC has created easy-to- use material for learners to reference, which is included in the cost of a BRC workshop.


  1. Which qualification exempts me from writing the RE5 exams?

Please note that obtaining a qualification does not exempt anyone from the Regulatory Examinations Level 1 requirement.

 

  1. Are there Level 2 Regulatory Exams?

The FSB has postponed these exams until another date can be determined.

 

  1. Can I get CPD points?

The only valid CPD points which can be claimed at the moment, are those where one’s membership of a professional body is dependent on the attainment of certain requirements laid down by such a body. Achievement of the required points will only benefit one in terms of membership of such a body. The FSB has not as yet released any information in respect of CPD points for FAIS Fit and Proper Requirements.