In South Africa, anyone who wishes to sell or service a financial product must be authorized as a representative by a financial services provider (FSP).
To qualify as a representative of an FSP, individuals must meet the fit and proper requirements as outlined in the FAIS Act, which includes meeting academic standards.
The academic standards are →
Matric or equivalent: Entry requirement
Class of Business Training
Product Specific Training
Regulatory Examination (RE5)
Recognised Qualification
Representatives may work under supervision until they meet all the required standards.
Please note that these are the general standards; however, exemptions may apply in certain cases.
The Standards in Detail
The RE5 is a competency exam that assesses your practical understanding of the FAIS Act and other relevant legislation.
Moonstone is the sole authorized body to administer this exam, and you can take it at an approved Moonstone venue near you.
Preparation for the RE5 exam is crucial; you must study diligently to tackle the 50 multiple-choice questions effectively.
Achieving a pass requires correctly answering at least 33 questions, equivalent to a 66% success rate.
Preparing independently for this exam can be daunting due to the complexity of legal concepts and the need for up-to-date study materials, including practice exams and quizzes.
Thus, it’s highly recommended to seek support from training providers who offer specialized preparation courses.
Remember, while RE5 is a government competency exam, no training provider can confer accreditation—you must pass the exam through Moonstone.
Virtual CLC provides the most cost-effective, comprehensive RE5 Study Support Program available.
ℹ️ Curious for more? Grab our info leaflet right here!
Interactive Leaflet: https://online.fliphtml5.com/yvvmg/czka/
Product-specific training focuses on the features and characteristics of a particular product offered by a specific supplier.
Generally, this training is organized by the Financial Services Provider (FSP) once you are employed.
Class of Business (COB) training is designed to enhance understanding of product regulation and general information about financial products within a specific sector.
There are nine broad Classes of Business. The Class of Business (COB) training you need to complete varies based on the sector in which you want to work.
While COB is not considered a rigorous standard and many FSPs allow you to achieve this qualification while working under supervision, obtaining it prior to employment can significantly boost your job prospects.
Virtual CLC provides all nine Classes of Business through a user-friendly online platform.
Additionally, if you are enrolled in the RE Study Support Program, you are eligible for a 50% discount on COB training.
Representatives are required to obtain a full qualification or learning program that aligns with their scope of authorization.
Click here for the comprehensive list of recognised qualifications.
At Virtual CLC, we offer genuine, honest advice on which qualification best fits your career objectives.
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