The RE5 is a regulatory examination, not a course. It is written by representatives rendering financial services under the Financial Advisory and Intermediary Services Act 37 of 2002, and it tests knowledge of the legislation itself rather than of financial products.
Understanding that distinction changes how you prepare, and it explains why people who study product knowledge instead of the Act tend to fail.
Entry Requirements at a Glance
What is generally required.
- Appointment as a representative of an authorised financial services provider, or as a key individual
- Meeting the fit and proper requirements set under FAIS — honesty, integrity, good standing and competence
- Registration for the examination through an approved examination body
- A valid South African ID or passport for identification at the examination venue
- Payment of the examination fee
- Completion within the period the regulator allows after appointment
- A recognised qualification for the relevant category, on the separate qualification requirement
Academic and Minimum Admission Requirements
Confirm the current requirements with the Financial Sector Conduct Authority. The FSCA sets the fit and proper requirements, the examination structure, the timeframes within which a new representative must write, and the consequences of not doing so. Those are set in determinations and are revised, so the FSCA is the only authoritative source.
The examination tests legislation, not products. It covers the FAIS Act, its subordinate legislation and the General Code of Conduct — disclosure obligations, record-keeping, conflicts of interest, complaints handling and the duties of representatives and key individuals. Product knowledge is a different requirement met through the qualification.
The legislation is free. The FAIS Act, the General Code of Conduct and the fit and proper determinations are published and available at no cost. Any preparation course is a structured route through material you can read yourself, which is a legitimate thing to buy — but know that the source material costs nothing.
Three requirements run in parallel. The regulatory examination, a recognised qualification for the product categories you advise on, and continuing professional development. Passing RE5 alone does not make you fit and proper.
Preparation courses are not accredited to award the examination. The examination is administered by approved bodies, and a course provider is a preparation service. A provider implying that its course substitutes for the examination is misrepresenting it.
Failing has consequences. A representative who does not pass within the permitted period may not continue rendering financial services in the affected capacity. Confirm the current rules and any re-write provisions with the FSCA.
Subjects, APS and Qualification Requirements
Academic and competence requirements.
- No specific matric subjects are prescribed for the examination itself
- Strong English reading ability — the examination is a test of applying legislative text
- A recognised qualification for the product categories concerned, as a separate fit and proper requirement
- No APS applies — this is a regulatory examination, not higher education admission
- Experience requirements set for the relevant category and role
- Continuing professional development, on an ongoing basis
Documents and Application Requirements
What is needed to register and write.
- A valid South African ID or passport, presented at the venue
- Confirmation of appointment as a representative or key individual
- Registration through an approved examination body
- Proof of payment of the examination fee
- Your FSCA reference number, where applicable
- Copies of qualifications, for the separate qualification requirement
- Records of any prior examination attempts
Selection, Intake and Eligibility Considerations
Study the legislation itself. The most reliable preparation is reading the FAIS Act and the General Code of Conduct directly, alongside a structured summary. Candidates who rely only on a summary tend to struggle with questions that require applying the wording.
Practise applying, not recalling. The questions are scenario-based, so preparation that consists of memorising definitions is poorly matched to the assessment.
Get the total cost in writing for any preparation course, and establish separately what the examination itself costs and what a re-write costs.
Beware of guaranteed-pass marketing. No provider controls the examination or can guarantee a result, and marketing that suggests otherwise is misleading.
Your employer usually pays. Financial services providers generally fund regulatory examinations for their representatives, since the appointment depends on it. Ask before self-funding.
Keep your own records. Examination results, qualification certificates and continuing professional development records are your evidence of fit and proper status, and they follow you between employers.
Frequently Asked Questions
Is RE5 a course or an examination?
An examination, administered through approved bodies. Preparation courses exist but a course provider cannot award the examination.
What does it test?
The FAIS Act, its subordinate legislation and the General Code of Conduct — disclosure, record-keeping, conflicts of interest and the duties of representatives. Not product knowledge.
Do I still need a qualification?
Yes. A recognised qualification for the relevant product categories is a separate fit and proper requirement, alongside the examination and continuing professional development.
Where do I confirm the rules?
With the Financial Sector Conduct Authority. It sets the fit and proper requirements, the timeframes and the consequences, and those are revised.
Fit and proper requirements, examination structures, timeframes and fees are set by the Financial Sector Conduct Authority under FAIS and are revised. Confirm current requirements with the FSCA and the approved examination body.