FSCA with its FAIS Act requires all Financial Services Providers’ Sales Representatives to go through the FAIS Act program and write an exam – Regulatory Examination (RE5) before they can be accredited to render a financial service.

This exam is the first step towards creating a career path for both Matriculants / Graduate in the financial environment, provided they fulfill all the requirements as per the FAIS Act. Those requirements are:

Matric, Experience, Regulatory Examination (RE5), PST (Product Specific Training), CoB (Class of Business as per the Financial Product Category and Sub-category) & FAIS Qualification (It has to be in FSCA Qualification list)

After acquiring the above and passing the exam, one MIGHT become a : –

Sales Consultant in the Financial Service Provider, Call Centre Agent in the Financial Service Provider, Financial Advisor, and Stock Broker (an opportunity to build your business and create employment)

Learning intervention – RE5

It consist of 8 Tasks/Modules/Topics:

1. Demonstrate understanding of the FAIS Act as a regulatory framework
2. Contribute towards maintaining a FSP  licence
3. Define the role of the Key Individual in terms of the FAIS Act
4. Adhere to the Specific Codes of Conduct
5. Comply with regulated record keeping requirements
6. Comply with the requirements of the FIC Act and Money Laundering and Terrorist Financing control regulations as it applies to the FSP
7. Dealing with complaints that have been submitted to the Ombud for FSPs
8. Operate as a Representative in terms of the FAIS Act

Based on the above Topics, then a Learner will be expected to:

• Write a closed book Exam at Moonstone Business School of Excellence
• 50 Multiple choice questions
• 1Hour 30 minutes
• 66% Pass Rate