A careful and thorough review
“Included in this review and consultative process was a careful and thorough review of the Qualifying Criteria (content requirements) upon which our Regulatory Exams for key Individuals (RE1) and Representatives (RE5) are based,” said Dr Leatt.
“I have been very close to this process since the launch of these Regulatory exams in 2010 and I must say that the review process has now provided us with a more in-depth but less repetitive set of Qualifying Criteria. There are still 16 Tasks or sections for the RE1 exam and 8 for the RE5 exam – while approximately 50-60% of the Qualifying Criteria have remained much the same they will need updating based upon these latest Fit and Proper requirements. That said, there are a significant number of new Qualifying Criteria and of course the updated FICA legislation is now incorporated, where applicable,” commented Dr Leatt.
Important dates to be aware of
According to Dr Leatt, the following dates which you need to be made aware of:
- The revised and updated Qualifying Criteria upon which the Regulatory Exams are based, come in effect 1 April 2018. Put simply this means that I will be working around the clock to ensure that fully updated and revised, credible RE1 and RE5 study material and practice MCQ questions will be available as from 1 April 2018 to cover the new requirements.
- With effect from 1 April 2018, it is no longer required that a key individual write and complete BOTH the RE1 and the RE5 Exams. I have long argued that it was repetitive for key individuals to write and pass both the RE1 and RE5 exams – so I heartily endorse this move.
- A key element of the above Fit and Proper review was to establish credible product training (previously called, Second Level Regulatory Examinations), now referred to as Class of Business Training and Product Specific Training, and this is a key element of the revised Fit and Proper requirements.
- Likewise, the finalisation of the FSBs requirements w.r.t Continuous Professional Development (CPD), is very important.