RE Exams Alberton

RE Exams Alberton - Both the RE5 and RE1 are Level One exams. RE5 is for Representatives and RE1 for Key Individuals. Fully updated resources are available for those requiring access to the legislation applicable to the regulatory examinations. Please make sure that you first read the FSB’s Preparation Guide to make sure you follow the right process in preparing. Bear in mind that this exam tests your knowledge about the laws applicable to the provision of financial advice and intermediary services. The questions are based on very specific qualifying criteria set out in the FSB preparation guide.

RE5 Study Material

RE5 Study Material - The amended requirements contained in the 2017 Determination of Fit and Proper Requirements will impact on the content of the study material for the REs.

Persons who registered to write the regulatory examination ON or AFTER Tuesday, 3 April 2018 are obliged to write the new version of the regulatory examination, which will contain the updated questions. It is very important for these candidates to ensure that they use updated preparation material that is aligned with the qualifying criteria in Annexure Four of Board Notice 194 of 2017.

RE1 Study Material

RE1 Study Material - It appears that many candidates underestimate the importance of proper preparation for this professional exam.

There are two basic documents which candidates have to study in order to assure success:

The FSB recently updated its Level 1 RE Preparation Guide for Key Individuals and Representatives. Without at least reading through this, candidates have no idea of what to expect.

RE5 Exam Alberton

RE5 Exam Alberton - The BANKSETA is currently revising the RE Learning Materials that INSETA developed in 2014. The revised RE Learning Materials will be made available on the websites of both the INSETA and BANKSETA during the second week on May 2018.

RE1 Exam Alberton

RE1 Exam Alberton - These regulatory examinations form part of the competence requirements, and consist of two levels:
Regulatory examinations Level 1: These regulatory examinations must be completed within 2 years of appointment or approval. People currently in the industry appointed or approved between 2004 and 2009 must complete these regulatory examinations successfully by 31 June 2012. People entering the industry from 2010 must complete these regulatory examinations successfully within two years of appointment / approval.

RE Exams Cost

RE Exams Cost - The RE exam cost is R 1226 per exam and is the same for rewrites.

FAIS Exams

FAIS Exams - The learners who are required to write FAIS exams are representatives who work in the insurance sector and render advice and/ or intermediary services to clients. The most common careers or work positions for the delegates who are attending the workshops are mainly, Sales Consultants, Client Services Consultants, Claims Advisors, Broker Consultants, Underwriting Managers, Retention Consultants, Branch Managers, Team Leaders, and Key Individuals and Sole Proprietors. The learners are required to rewrite FAIS Regulatory Examinations (RE) Level 1 (RE 5 or/and RE 1), if they have not passed.

Where can I write?

Go to: http://www.faisexam.co.za/show_venues

What dates are available?

http://www.faisexam.co.za/view_schedule

Inseta RE5

Inseta RE5 - The content of these regulatory examinations are based on the regulatory framework and the regulatory role of the individual, for example the FAIS Act, Code of Conduct, FICA etc. Please refer to BN 105 Annexure 1 for more detailed information regarding the content. These regulatory examinations are compulsory and all representatives and key individuals are required to complete these regulatory examinations.

What Is RE5 Qualification

What is re5 qualification - All Representatives, including those employed or mandated by an FSP, who render a financial service to a client (excluding a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity which does not require judgment or does not lead to a specific transaction in respect of a financial product in response to general enquiries) are required to write this examination.

Difference Between RE1 and RE5

Difference between RE1 and RE5 - RE1 is a general examination that applies to all key individuals and sole proprietors in all the Categories. This examination consists of 80 questions. All sole proprietors and key individuals who are responsible for managing and overseeing a business relating to the rendering financial services for FSPs in Category I, II, IIA, III and IV are required to write this examination.

RE5 is all Representatives, including those employed or mandated by an FSP, who render a financial service to a client (excluding a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity which does not require judgment or does not lead to a specific transaction in respect of a financial product in response to general enquiries) are required to write this examination.

Regulatory Examination

Regulatory Examination - It is accepted international practice and standard to set professional examinations for professions. The FAIS regulatory examinations are, therefore, not unique.

RE5 Certificate

RE5 certificate - There are daily requests for copies of results, or RE1 certificates and RE5 certificates from candidates who mislaid theirs. You can download these from the website of the company where you wrote the exams.

RE1 Exams Study Material

RE1 exams study material - The Inseta website underwent a facelift, and learners wishing to download the preparation material for the regulatory exams may experience some difficulty in finding it.

How To Pass RE5 Exam Alberton

How to pass RE5 exam - The first two will be easiest for those who know their material well. Levels 3 and 4 are normally longer type questions, requiring more thinking to get to the right answer.

A simple bit of arithmetic will show that 35 of the 50 questions in the Rep’s exam are taken from levels 1 and 2. This constitutes 70% of the questions.

In the case of the Key Individual exam, it is 54 of the 80 questions, or 67.5% of the questions.

A longer type of question will take more time to read and answer than a shorter one, yet a right answer for either type of question will only score one point. According to the exam tips from the regulator, the following is a guide to the time allocation per type of question:

• Knowledge: ½ – 1 minutes per question

• Comprehension: 1 – 1½ minutes per question

• Application and analysis: 1½ – 2 minutes per question

This is obviously just a general guide, but it helps to know where you can save time, and where you are likely to spend more time.

RE5 Course Alberton

RE5 course - In reality there is no course for the RE5 qualification. There are however workshops that normally strech over 2 days where you will get the assistance you need to pass your RE5 exam.

RE1 Course Alberton

RE1 course - In reality there is no course for the RE1 qualification. There are however workshops that normally strech over 2 days where you will get the assistance you need to pass your RE1 exam.

RE Exams Registration

RE exams registration - There are several centers where you can register for the RE exams, the most popular being Moonstone. Some of the workshop providers will also assist you with your regsitration when attending the workshops.

RE5 Study Material pdf

RE5 study material pdf - The study material for both RE1 and RE5 is available in pdf format from the INSETA website. When attending a workshop to prepare you for the exams you will most likely receive the printed material.

The Financial Advisory and Intermediary Services Act, 37 of 2002, (“the FAIS Act”), came into effect on 30 September 2004. The objective of the FAIS Act is to:

Protect consumers, and Professionalise the financial services industry.

The Act requires all financial advisors and intermediaries (providers) to meet specific competence requirements. At the time, the competence requirements consisted of experience and qualifications. To assist industry participants, the initial qualification requirements required to obtain a licence to act as a provider were “reduced” from full qualification requirements to skills programmes (or credit requirements) to assist those in the industry that did not have any formal qualification and who had to commence with studies as a result of the promulgation of the FAIS Act. However, the intention was always to gradually increase the qualification requirements to the requirement that providers must have full qualifications.

As a result thereof, the Determination for Fit and Proper Requirements for Financial Services Providers, 2003, had to be reviewed. The FSB embarked on a very intensive consultation process with the industry regarding the competency requirements. A “blank slate” approach was followed. In other words, the existing Fit and Proper requirements were set aside completely and industry stakeholders were invited to provide input as to what requirements would be appropriate, reasonable and “workable for them”. Input was also obtained as to what would be a practical and effective way in which to implement the requirements, and what those requirements should be? The consultation process with stakeholders commenced in October 2006 and continued until September 2008. The consultation was open to any provider, individual, industry associations, professional body etc. Participants were mostly product experts, professional bodies, industry associations, providers, representatives from larger corporate companies, and even training providers that specialised within the financial services industry.

Regulatory examination – It is accepted international practice and standard to set professional examinations for professions. The FAIS regulatory examinations are, therefore, not unique. The purpose of the regulatory examination is to set a minimum standard in terms of the following:

Knowledge and understanding regarding the role and responsibilities of a key individual or a representative under the FAIS Act. Although the FAIS Act has been in operation since 2004, it was generally accepted that the level of knowledge, awareness and understanding of the responsibilities imposed by the FAIS Act on providers was lacking. This led to non-compliance with the provisions of the FAIS Act for example; providers did not furnish clients with the necessary information as required by the FAIS Act.
Providers are further under the misconception that ensuring compliance with the legislation is the responsibility of the compliance officer. This is not the case – the key individual is responsible to ensure compliance with the FAIS Act and representatives also have specific responsibilities in respect thereof. The compliance officer is responsible for the monitoring of compliance only.
It was agreed that a once-off regulatory examination should address the problems referred to above, and would ensure that all providers have a proper understanding of their specific regulatory roles. The exams would be compulsory for everyone rendering financial services to clients. This was also seen as part of the objective to professionalise stakeholders in the industry and to have confidence that providers know and understand the legislation that governs their industry.

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