What are the Regulatory Exams?

The Financial Sector Conduct Authority (FSCA) requires ALL persons who are considered a Representative or Key Individual under the FAIS Act, to understand how the legislation impacts them and to follow the required rules.

Exams have been set in accordance with the criteria set out by the FSCA, called QUALIFYING CRITERIA.

My workshops provide you with all that is needed to learn the Qualifying Critera.

Cat I & IVCat II & IIACat III

What is RE1, RE5, etc ?

They are the numbering conventions given to the various Regulatory Exams required under the FAIS Fit and Proper Determination:

RE1, RE3 and RE4 are the various KI exams based on licence category.

RE5 is the exam for all Representatives, except those otherwise exempted.

When must I complete these exams?

KI’s must pass the exam prior to approval.

Persons appointed as a Representative after 1 April 2018 must pass the RE5 exam within 2 years of their appointment date.

If you were appointed as a FAIS Representative anytime before 1 July 2016, then by now you are already expected to have passed RE5.

The next “due date” is 30 June 2019 for all Reps appointed between July 2016 and June 2017.

What is my DoFA?

DoFA is the date you were first appointed as a Rep – Date of First Appointment.  The date never expires, even being out of the role for more than 5 years does not automatically “reset” you.  Only the FSB can adjust your DoFA, and Reps wishing to do this must write to Fais.Dofa@fsb.co.za