If you have just been appointed at a bank, insurer, brokerage or asset manager, someone has probably told you that you need to “write your RE5”. This guide takes you through the whole journey — what the exam actually is, who has to write it, what it covers, how to book it, what exam day feels like, and how long you wait for your result.
What is the RE5 exam?
RE5 is the Regulatory Examination for Representatives, written under the Financial Advisory and Intermediary Services Act (the FAIS Act) and administered through exam bodies approved by the Financial Sector Conduct Authority (FSCA). It is a legislation and conduct exam: it does not test product knowledge or maths, it tests whether you understand the rules that govern how you deal with clients.
Passing RE5 is part of the “fit and proper” competence requirements. Until you pass it, your ability to render financial services remains restricted, and your FSP must keep you under supervision.
Question type
Multiple choice
Time allowed
2 hours
Pass mark
66%
Level
Level 1 — Representatives
Always confirm the current format, fee and rules with your exam body when you book — these are set by the regulator and the exam body, not by us.
Who must write RE5?
Anyone appointed as a representative of a licensed FSP — in other words, anyone who gives advice or renders an intermediary service to clients. In practice that includes bank consultants and branch staff who sell financial products, financial advisers and planners, insurance representatives and brokers, investment consultants, and graduates entering the industry on adviser learnerships.
Key individuals — the people who manage or oversee the financial services of an FSP — write RE1 instead, and often both. We break the two apart in RE5 vs RE1.
When must you pass it?
Representatives are generally required to pass the regulatory exam within a set period of first appointment (commonly 24 months, depending on when you were appointed and your category). Your compliance officer holds the exact deadline for your appointment date — ask for it in writing, and work backwards from it rather than leaving the exam to the last month.
What does RE5 cover? The 8 tasks
The RE5 qualifying criteria are grouped into eight tasks. Each task carries a different weighting, and a handful of them carry most of the paper — which is why studying everything equally is a mistake.
The regulatory framework
Who the FSCA is, what the FAIS Act does, and how the financial services industry is regulated in South Africa.
The FAIS Act and its role players
FSPs, key individuals, representatives, compliance officers — who does what, and who answers to whom.
Licensing of FSPs
Application requirements, categories of licence, fit and proper requirements, and changes to a licence.
Fit and proper requirements
Honesty and integrity, competence, qualifications, regulatory exams, CPD and operational ability.
Duties of an FSP and its representatives
Record-keeping, register of representatives, supervision, debarment and reporting obligations.
The General Code of Conduct
Disclosure, suitability of advice, record of advice, conflicts of interest and fair treatment of clients. The heaviest section of the paper.
Complaints and enforcement
Internal complaints procedures, the Ombud, and the consequences of contravening the Act.
Other applicable legislation
How FICA, POPIA and related legislation interact with your duties as a representative.
For how to split your time across these, read which tasks to prioritise when studying.
How to book — step by step
- 1
Confirm you must write it
Your FSP or compliance officer confirms whether you are recorded as a representative and the date your competence deadline falls due.
- 2
Book with an approved exam body
Registration and payment happen through an FSCA-approved exam body. You choose a venue or online-proctored session, a date and a time slot.
- 3
Prepare properly
Work through the qualifying criteria task by task, then drill mock exams under timed conditions until the wording feels familiar.
- 4
Write the exam
Arrive early with your ID. The paper is written on computer, and you answer multiple-choice questions within the 2-hour window.
What the exam fee looks like
The exam fee is charged by the exam body and is payable each time you write, including rewrites. Some employers cover the first attempt but not the second. We break down the full cost of preparing — booking, material, classes and rewrites — in RE5 exam cost in South Africa.
A rewrite costs you the full exam fee again plus another few weeks of studying. Preparing properly for the first attempt is almost always the cheaper route.
What exam day looks like
Bring your green ID book, ID card or passport — without valid identification you will not be allowed to write. Arrive well before your slot so registration does not eat into your time. The exam is written on a computer, and you work through multiple-choice questions within the two-hour window. Reference material is not allowed unless your exam body specifically provides it.
A practical tip from coaching candidates: read every question twice. Many RE5 questions hinge on a single qualifier — “must”, “may”, “within 30 days”, “in writing” — and candidates lose marks they had the knowledge to win. Flag anything you are unsure of, finish the paper, then come back with your remaining time.
How long do you wait for your results?
Because RE5 is written on computer, most candidates see their outcome very soon after finishing — typically an on-screen or same-session indication of whether you passed, followed by formal confirmation from the exam body. That formal result and your certificate or statement of results generally follow within a few working days to a few weeks, depending on the exam body and how close you are to a busy exam period.
Turnaround times are set by the exam body, so check what they promise when you book. Once the result is issued, send it to your compliance officer so your representative record can be updated and any supervision arrangement can be lifted.
If you did not pass, you can rewrite. Request your result breakdown if the exam body provides one, identify the tasks that let you down, and rebuild your preparation around those before booking again.
Common questions
Is RE5 hard?
It is not conceptually difficult, but it is unforgiving. The questions are worded to test whether you can apply the Act to a situation, not whether you can recite it — and the pass mark is 66%, so guesswork rarely gets you there.
How long should I study for RE5?
Most candidates who pass first time give it four to six weeks of consistent study, roughly an hour a day, with the last week spent almost entirely on mock exams.
What happens if I fail?
You may rewrite, but you pay the full exam fee again and you must still pass before your competence deadline. That is why a rewrite is far more expensive than preparing properly the first time.
Do I need RE1 too?
Only if you are also appointed as a key individual who manages or oversees financial services at an FSP.
Your next step
Now that you know what you are walking into, the deciding factor is preparation. Read how to pass RE5 on your first attempt for a week-by-week plan, and get material that follows the same eight tasks the exam is built on.
Start with the RE5 pack — R350
Complete study guide, 3 mock exams with answer keys and explanations, RE5 summary, FAIS Act, General Code of Conduct, glossary and WhatsApp mentorship. Files unlock immediately after payment.
You know the exam — now prepare for it
The R350 RE5 pack covers all 8 tasks, with 3 mock exams, answer keys and mentorship until you pass.
- Secure PayFast checkout
- Instant download
- Ready in weeks, not months
Not sure which exam you write? See the full offer or ask on WhatsApp.