Regulatory Exams

Background
  • Why does the industry need to write Regulatory exams?

    Regulatory exams form part of the Fit and Proper requirements for Representatives, Key Individuals and Sole Proprietors in the Financial Services industry.
    The Regulatory Exam level 1 is based on the Regulatory framework and roles of the individuals. It covers legislation like the FAIS Act, FICA and the Code of Conduct.
    Representatives write exam code RE5, while Key Individuals and Sole Proprietors write exam code RE1. The exams consist of multiple choice questions and the pass mark is 65%.
    Reps and KIs who were appointed prior to 2010 have to pass their respective exams by 31 March 2013 in order to continue in their Fit and Proper FAIS roles.
    People entering the industry from 2010 must complete their exams within 2 years of their appointment.
    Masifunde Training Centre offers 2 day training workshops to prepare candidates for the Rep and KI exams.

    The Regulatory exams consist of Level 1 and Level 2.

Regulatory Exams Level 1
  • What must be studied?

    This exam is based on the Regulatory framework and roles of the individuals. It covers legislation like the FAIS Act, FICA and the Code of Conduct. Detailed information can be found in BN105 Annexure 1.
    Key individuals and Reps will write different exams depending on which Category environment they work: I, II, IIA, III OR IV.

  • Who must write the exams?

    The exams are compulsory for all Representatives and Key individuals. The only exceptions are Representatives in Long Term Insurance Category A1.1 (funeral) and 1.19 (Friendly Society Benefits).

  • By when must these exams be written?

    People in the industry who were appointed between 2004 and 2009 must complete these exams by 31 December 2011.
    Note: Extension to complete the exams has been granted as follows:

    1. 30 June 2012; or
    2. 30 September 2012, subject to the provision that the provider must, on or before 30 June 2012, have had written the first level regulatory examination and have failed to successfully complete it.
    3. The date referred to in (b) above has been further extended to 31 March 2013.

    People entering the industry from 2010 must complete them within 2 years from their date of first appointment.

Regulatory Exams Level 2
  • What must be studied?

    These exams are product specific and will test applied knowledge of the specific products.
    Detailed content information can be found in BN105 Annexure 1.

  • Who must write the exams?

    Exemption will only be given for people who have a recognized qualification that is specific for the particular product subcategory and recognized as such in Board Notice 64 of 2009 and Board Notice 135 of 2012.

  • Examination Bodies

    The FSB has appointed Moonstone, Leselo, SAIFM and FPI to deliver the exams.

What can Masifunde Training Centre offer you?
  • Representative Training
    • 2 day facilitated workshops at venues that are accessible to your learners
    • Group size from 10 -30
    • Facilitation by facilitators who have passed the Regulatory exams themselves
    • Facilitation by experienced industry facilitators who will explain the requirements and material in simple, easy to understand language to assist the learner in writing the closed book exams.
    • This will include practical activities to test knowledge, skills and attitudes as set out in the Knowledge and Skills criteria
    • Interactive and participative methods
    • Powerpoint presentation
    • Customised learning material to take home
    • Access to Resource material on our training site
    • Separate day mock exam

    Please contact Masifunde Training Centre for costs and training dates.

  • Key Individual Training:
    • 2 day facilitated workshops at venues that are accessible to your learners
    • Group size from 10 -30
    • Facilitation by facilitators who have passed the Regulatory exams themselves
    • Facilitation by experienced industry facilitators who will explain the requirements and material in simple, easy to understand language to assist the learner in writing the closed book exams.
    • This will include practical activities to test knowledge, skills and attitudes as set out in the Knowledge and Skills criteria
    • Interactive and participative methods
    • Powerpoint presentation
    • Customised learning material to take home
    • Access to Resource material on our training site
    • Separate day mock exam

    Please contact Masifunde Training Centre for costs and training dates.