We WILL Help You Pass Your RE Exam

At our 3 day workshop we will guide and prepare you for the FAIS prescribed regulatory examination

  • The exam sections and why it is important to identify them
  • Comprehensive study material and information
  • Why it is better to write the paper based exam
  • How to answer the questions the right way and in the best order
  • Comprehend the information and how to use what you know to pass with ease.

You will discover all of these and much more during your workshop after which you will be prepared to write your exams.

 

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Exam structure

Significant changes to RE Exam

24 January 2018Myra Knoesen

We recently came across an article by Dr Des Leatt an Education Consultant, on the revised and updated Fit and Proper Requirements from the Registrar of the FSB with the publication of Board Notice 194 of 2017 on 15 December 2017, with variable implementation dates, which we thought would be interesting to share with you.

According to Dr Leatt, this draws to an end a period of nearly three years of public and corporate-wide consultation which our Regulator engaged in.

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. 

Preparation for the regulatory examinations

The following reference material was used for the development of the level 1 regulatory examinations:

  • FAIS Act
  • General Code of Conduct
  • Regulations
  • Sub-ordinate legislation

Preparing for changes

All in all, Dr Leatt believes the revision of Fit and Proper requirements has led to important changes to the Regulatory Exam requirements and therefore, of course the Regulatory Exams, the study material and bank of MCQ questions. 

“The above changes are a significant and an important step in our regulatory framework. I am currently undertaking a gap analysis of the current and proposed new Qualifying Criteria and am quite certain that the “new” RE1 and RE5 content and resulting regulatory exams will be more difficult. That said, the revisions add much value to the work of the sector and prepare the ground for changes in our regulatory environment via the RDR and Twin Peaks and related developments which are around the corner,” continued Dr Leatt. 

 

“Common sense suggests that taking the exams before 1 April 2018 will be wise and I do recommend and encourage those who need to complete these exams to do so sooner rather than later i.e. before 1 April 2018,” advised Dr Leatt.
Those needing to write should do so sooner than later as any re-writes will also have to be done before 1 April 2018, so time is of the essence. 

Pass Mark(RE Exams Pass Rates

by Paul Kruger on 9 January 2014)

The pass mark of 65% (RE1) and 66% (RE 5) came in for much criticism despite the fact that it was set at this rate as the REs were professional examinations, and not merely a token gesture. It was intended to provide the public with the assurance that financial advisors were skilled to provide financial advice in accordance with stringent legal requirements.

Compare this to the nearly 70% of last year’s matriculants who passed without a bachelor’s pass, and who now have to try and find employment in an environment where work is very scarce.

 

Noted academic, Professor Jonathan Jansen, called for the pass mark to be increased to at least 50% for this qualification to have more value than the paper it is printed on.

Format of the examinations

The regulatory examinations will be closed book, and consist of multiple choice questions based on the specified qualifying criteria. There will be no limit on the number of attempts made in order to achieve competence. There will only be one national version of any regulatory examination for any category or subcategory.

You may choose to write exams electronically, or on paper.  Your preference must be submitted at the time of registration with the Examination Body. This would form part of the registration process.

Each exam will contain questions at four different levels of complexity.  These four levels are as follows:

  • Knowledge – Test the recall of factual knowledge
  • Comprehension – Test the understanding and interpretation of factual knowledge and concepts
  • Application – Test the ability to apply factual knowledge to real life situations
  • Analysis – Test the ability to analyse factual knowledge presented in a situation and decide on the best action to take

Qualifying criteria

The qualifying criteria provide the basis of knowledge and skills against which the regulatory examinations are set.  The qualifying criteria were developed in a process of consultation between the FSB and industry representatives, spanning from 2006 to 2008.
Only questions based on these criteria will be included in the exams. The qualifying criteria were

RE5 Representatives All Representatives, including those employed or mandated by an FSP, who render a financial service to a client (excluding a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity which does not require judgment or does not lead to a specific transaction in respect of a financial product in response to general enquiries) are required to write this examination.

published in Board Notice 105 of 2008, and amendments were published as below:

BN 151 Gazette 31755 29 December 2008 w.e.f. 31 December 2008
BN 64 Gazette 32268 29 May 2009
BN 95 Gazette 32496 17 August 2009
BN 44 Gazette 33052 26 March 2010
BN 60 Gazette 33166 12 May 2010

All these documents are available on the FSB website – http://www.fsb.co.za

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Full payment for workshops is required at time of booking to secure your place. As long as there are places left, workshop bookings can be made up to 24 hours in advance of the workshop commencing. Please attend on time to all three sessions. A certain amount of time is allocated to each session and therefore we will always start at the time advertised. If you are more that 15-20 minutes late it may not be possible for you to participate in the workshop as the tutor would have to go over the same material again which is unfair to the other workshop participants.

Workshop cancellations by you

We try our best to price our workshops as fairly as possible and offer good value for money. We therefore have to have a clear cancellation policy to ensure that we cover our costs and the ongoing viability of the workshop.
We urge you to carefully check your diary to ensure that you are available to attend any workshops you are booking with us. 

If circumstances change, or something pops up and you are unable to attend, unfortunately all our workshops and classes are non-refundable. Please note that there are no make-ups for missed sessions if the workshop is over more than one session.

If you give more than 14 days notice to cancel a place on a workshop your options are as follows:

  • We will be happy to transfer you to another workshop, space permitting.
  • If there are no suitable future dates for you to transfer to we can provide a voucher to be used for a future workshop booking.
  • You can of course send someone in your place at any time, but please note that this is your responsibility to find a replacement person and you must let us know in advance who will be attending.

If you give less than 14 days notice to cancel a place on a workshop then your options are as follows:

  • If you would like to transfer, we can only transfer you to a future workshop if your place is re-sold.
  • If you would like to transfer and the place is not re-sold, we can add you to a last minute availability waiting list for future dates of the workshop. If there are still unsold places on the workshop with 24-48 hours until the workshop is due to take place, we will offer you a place at no additional charge. Please note this option is not a guarantee of a space.

We will do our best to fill the place within this time. Please be aware that in our experience it can be difficult to fill places on workshops at short notice.

Multiple class sessions

Our workshop classes take place over three consecutive sessions. If you miss a session unfortunately we can not offer a make up session. If you require further tuition to complete your session you may be able to book 1:1 lessons depending on thetuition required.

Workshop cancellations by us

In the unlikely event that we have to cancel a workshop you will be given at least 24 hours notice and offered a transfer to another date, voucher to be used at another time or in our store, or a full refund. We will not be held liable for any other costs or expenses that you may incur in the event of cancellation by us.

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