FAIS Regulatory Exams: Representatives (RE 5)
By Applied Learning Academy (Pty) Ltd
What is a representative?
Any person who provides input to a client to make a financial decision on one of the products listed in the FAIS legislation is classified as a representative under the FAIS Act (Financial and Intermediary Services Act). A financial decision means making some sort of change such as buying a product, e.g. buying life or short term insurance or selling, terminating or changing a product, e.g. making changes to an investment. Representatives include brokers, agents and call centre agents.
By when must representatives complete the regulatory exam (RE 5)?
The Act and associated Board notices refer to a concept called ‘date of first appointment’ which is the date when an individual was first appointed in the role of representative. For representatives appointed after 1 January 2010, the exam must be completed by 30 June following 24 months of first appointment. If a representative was appointed in the role any time from 1 January 2014, they need to complete the exam by 30 June 2016. Everyone appointed at an earlier date were supposed to have completed the exam already or taken off the representative register meaning that they may no longer act as a representative if this has not been done.
In reality companies looking to appoint a person in the role of representative now include the regulatory exam as an employment requirement. Completing the exam has therefore also become a necessity for people wanting to move into a representative role.
What training support options exist?
Applied Learning Academy offers the widest and most thorough support options for the regulatory exams. Going the material is not enough to guarantee success, especially where information is not clear or sequential. Our trainers have industry experience and have also completed the exams. We therefore we have a real understanding of the challenges faced by representatives as well as empathy for them and so have built the best training support options possible to help, including:
- On site or public workshops: next workshop 3 and 4 March – participants receive the support pack at no cost – all content is covered in the workshop in plain language as well as guidance on the exams and techniques
- Mock exams: two mock exams PLUS answer explanations to help with understanding and application of knowledge – this may be purchased separately
- Support pack: may be purchased as a freestanding package and participants of workshops receive the support pack at no cost:
- Summary of the material including diagrams, tables, explanations
- Summary of the time periods in the Act for ease of study
- Two mock exams with answer explanations
- Exam tips, techniques and information
- Private tuition: suitable for people who have attempted the exam at least twice and been unsuccessful – knowledge and understanding is analysed to identify development areas and a one on one tuition session is customised for each person
- Ongoing contact with the regulatory exam tutor at no cost: anyone who has purchased an exam or support pack or attended a workshop can raise queries with the regulatory tutor in relation to content, mock exams etc – response received within 24 hours
Please feel free to contact us to discuss options or click here to book your place on the next workshop:
Applied Learning Academy (Pty) Ltd
Tel | 011 452 8829
Website | www.appliedlearning.co.za
Applied Learning Academy (Pty) Ltd
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