Exam Explained
RE5 vs RE1: What's the Difference and Which One Do You Write?
Both RE5 and RE1 are FAIS regulatory examinations set under South African financial services law, and both are written as multiple-choice papers. The difference is not the subject matter — it's the role you hold at your FSP.
RE5 — Representatives
Written by anyone who gives advice or renders an intermediary service to clients under a licensed FSP: bank consultants, financial advisers, brokers and insurance salespeople. It tests how you must treat clients — disclosure, suitability of advice, record-keeping and conflicts of interest.
RE1 — Key Individuals
Written by key individuals who manage or oversee the financial services rendered by an FSP. It goes further into licensing, governance, oversight duties, compliance reporting and the responsibilities that come with running a compliant business.
Side-by-side comparison
| RE5 | RE1 | |
|---|---|---|
| Who writes it | Representatives giving advice or rendering intermediary services | Key individuals who manage or oversee an FSP's financial services |
| Focus | Your duties when dealing with clients | Governance, oversight and running a compliant FSP |
| Format | Multiple choice, 2 hours | Multiple choice, longer paper |
| Pass mark | 66% | 66% |
| Typical difficulty | Broad but practical | Deeper legislative detail and management responsibility |
| Deadline | Usually within 24 months of first appointment | Usually within 24 months of appointment as KI |
Do you need both?
Many key individuals are also appointed as representatives — if that's you, you'll need both RE1 and RE5. If you only deal with clients and don't manage the FSP's financial services, RE5 alone is what applies to you. If you're unsure, check how you are recorded on your FSP's licence with your compliance officer, because that determines the exam you must write.
Which is harder?
Most candidates find RE1 the tougher paper. It assumes you already understand the representative-level material and then adds management, licensing and oversight obligations on top. That said, both papers reward the same preparation method: understand the framework, work through the high-weight sections, then drill mock exams until the wording feels familiar. Start with our first-attempt study plan and adapt it to your paper.
Study material for both exams
Complete study guides, 3 mock exams, answer keys, summaries and mentorship — R350 per exam.
Turn this into a pass
The R350 pack gives you the complete study guide, 3 mock exams with answer keys, summaries and WhatsApp mentorship until you pass.
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