RE1 and RE5 are the FSCA’s regulatory exams — the competence gate under FAIS. RE1 is for Key Individuals, RE5 for representatives. They test whether you know the law you operate under, not whether you can sell. Miss the deadline or the pass mark and the consequences are operational, not academic.
A knowledge-of-the-law exam — not a qualification, a separate gate the FSCA controls.
The Regulatory Examinations (RE) are FSCA-mandated exams testing knowledge of the FAIS regulatory framework — the Act, the General Code of Conduct, fit-and-proper requirements and related law. They are a fit-and-proper competence requirement, separate from your industry qualification. You can hold a relevant degree and still not be approved until the RE is passed.
There are two that matter here. RE1 is the exam for Key Individuals (and sole-proprietor FSPs and FAIS compliance officers). RE5 is the first-level exam for representatives — the people rendering advice or intermediary services. Same framework, different depth and audience.
The exams are administered by Moonstone, the body mandated by the FSCA, with sittings scheduled across the year and across provinces. You book a slot; you write; the framework is national.
RE1 oversees; RE5 renders. Different exams for different jobs, both non-negotiable for the role.
| RE1 | RE5 | |
|---|---|---|
| For | Key Individuals, sole-proprietor FSPs, FAIS compliance officers | Representatives rendering advice / intermediary services |
| Scope | Oversight and management of an FSP under FAIS | First-level: rendering services compliantly as a rep |
| Role link | Required for KI approval (see the KI leaf) | Required to be a fully competent representative |
| Format | Multiple-choice, framework-based | Multiple-choice; 50 questions, pass mark of 33/50 |
| When | Within the FAIS-prescribed timeline for the role | Within the prescribed period from appointment as a rep |
A representative who is not yet fully competent typically works under supervision while completing requirements, including the RE5, within the prescribed timeline. The KI overseeing them carries responsibility for that supervision being real.
The exam itself is finite; the deadline is what hurts. Manage the calendar, not just the content.
The RE must be passed within the period the FSCA prescribes for the role. Miss it and the consequence is loss of status — debarment for a KI, or a representative falling out of competence.
A representative who does not pass in time cannot continue rendering the relevant services. A KI who does not meet the requirement cannot be approved or remain approved.
Consequences attach to the person and travel across employers. This is a career fact, not just a current-job inconvenience.
A failed exam means re-booking and re-sitting — time you may not have against a fixed deadline. Plan the first attempt with margin.
The exams are administered nationally with regular sittings, so the constraint is rarely availability — it is your own deadline. Treat the RE as something to clear early in the prescribed period, not in its final weeks, precisely because a fail consumes the buffer.
The RE is a framework and legislation exam — FAIS, the General Code of Conduct, fit-and-proper. Preparation guidelines and the legislation handbook are published; structured prep (Moonstone, Milpark and others) exists because cold-reading the Act under exam conditions is hard. The questions are scenario-and-rule based, not trivia.
For KIs, the Masthead KI programme and similar build the surrounding management competence, but RE1 is its own sitting and its own pass. Do not conflate “finished the programme” with “passed the exam” — they are separate boxes the FSCA ticks separately.
If a person’s role depends on an RE, the exam sits on the critical path to go-live. Book it early in the prescribed period so a single fail does not blow the deadline. The cost of being wrong is not a re-write fee — it is a representative who cannot legally work, or a KI who cannot be approved, while the business waits.
For a PSP standing up an FSP licence: the KI’s RE1 gates the licence application, and the reps’ RE5 gates their ability to render services. Sequence them so the KI is approved before reps are depending on supervision that has nowhere to land.
Do not let “we’ll write it next quarter” become the plan. Exam availability is fine; your prescribed window is the scarce resource.
RE1 and KI approval underpin everything below. Clear the top of the structure before the base depends on it.
Assume a non-zero chance of failing once. Book with enough runway to re-sit inside the deadline.
A structured prep course costs less than the operational gap a missed deadline opens.