RE5 is not a course. It is the regulatory examination for representatives in all categories of financial services providers (FSPs), set under the Financial Sector Conduct Authority (FSCA) and written through an FSCA-approved exam body. It has 50 multiple-choice questions, and you need at least 33 correct (65%) to pass.
So an “RE5 course” is, at most, private exam preparation. The exam itself is booked separately, and the exam fee is R1 300 including VAT per sitting in South Africa, according to the exam body’s registration document dated 1 October 2024 (confirm the current fee when you register).
Entry Requirements at a Glance
What you need to know before you register:
- Who writes it: representatives in all categories of FSPs. Key individuals, FSPs and compliance officers write RE1 (80 questions) instead, so a key individual does not sit RE5.
- Format: 50 questions, multiple choice with four options each. Pass mark 65%, meaning at least 33 correct answers.
- Who is exempt: the FSCA says three groups of representatives do not have to write RE5: those who render services only in funeral and friendly society benefits (subcategories 1.1 and 1.19), only in Tier 2 financial products, or only execute sales of Tier 1 products.
- Cost: R1 300 VAT inclusive per exam in South Africa (GBP 223 outside South Africa), as stated in the exam body’s document of 1 October 2024. The FSCA describes the fee as legislated and reviewed from time to time.
Academic and Minimum Admission Requirements
RE5 is a regulatory exam, not a school or university admission, so there is no matric symbol or admission score to meet. What matters is that you are a representative in a category that must write it. Check with the FSCA whether your category is exempt, and ask your FSP what else applies to your appointment, because the FSCA sets the wider requirements and revises them.
Preparation providers are not accredited or approved by the FSCA, because the FSCA has no mandate to approve training providers. The FSCA advises using its Preparation Guides and the legislation itself, and avoiding mock questions. You do not have to memorise legislation word for word: when a question refers to a section, that section is included in the question.
Subjects, APS and Qualification Requirements
No subjects or APS are involved. The exam is an assessment of regulatory knowledge, and the FSCA points candidates to its Preparation Guides and the legislation. If you are unsure whether you must write RE5 or RE1 for your role, confirm it with your FSP and the FSCA before you pay for a sitting.
Documents and Application Requirements
To register with the exam body you must supply:
- Your ID number, or your passport number only if you do not have a South African ID
- Your FSP number
- Your personal and contact details and your professional details
Register online at faisexam.co.za, or email the completed registration form with a copy of your valid ID or passport to [email protected]. Registration closes 11 working days before the exam date, and payment must be made within 24 hours of registering to confirm the booking, using your invoice number as the reference.
On the day, South African citizens must present an original, valid ID document or driver’s licence; citizens of other countries must present an original, valid passport. Photographic proof of identity is required and copies are not accepted.
Selection, Intake and Eligibility Considerations
- Arrive early: be at the venue 30 minutes before the exam starts. Late arrivals forfeit the fee and must re-register and pay again.
- Results: emailed within 20 working days of the exam. They go to the FSCA first and are then released to you, and you can download your result or certificate from faisexam.co.za. You cannot view the paper or your answers afterwards.
- Training: if you buy a preparation course, get the total cost in writing and remember it does not replace the exam or guarantee a pass.
- Timing: how long a new representative has to pass after appointment, and how long a pass stays valid, are set by the FSCA. Confirm both with the FSCA before you plan your sitting.
Frequently Asked Questions
Is RE5 a course or an exam?
An exam. It is the FSCA regulatory examination for representatives, written through an approved exam body such as Moonstone. Preparation courses are offered by private providers, and the FSCA does not accredit or approve them.
What are the RE5 course requirements?
There is no course entry requirement as such. To sit the exam you register with your ID or passport number, your FSP number and your personal and professional details, then pay the exam fee.
How much does the RE5 cost?
The exam fee is R1 300 including VAT per sitting in South Africa, per the exam body’s document dated 1 October 2024. Confirm the current amount when you register. Preparation courses are priced by each private provider, so compare quotes in writing.
What is the RE5 pass mark?
65%. You need at least 33 correct answers out of 50.
Do all representatives have to write RE5?
No. The FSCA lists three exempt groups: funeral and friendly society benefits only, Tier 2 financial products only, and execution of sales of Tier 1 products only. Key individuals write RE1, not RE5.
How do I register and who do I contact?
Register at faisexam.co.za or call the exam body on 021 883 8000 or 021 888 9796. Registration closes 11 working days before the exam date.
Confirm your category, the current fee and the FSCA’s timeframes with the FSCA and the exam body. See admission requirements and browse all education requirements.