The RE5 Exam: complete 2026 guide

If you work in South African financial services, the RE5 is probably the most consequential exam of your career. Until you pass it, your ability to keep working as a representative is on a clock. This guide covers everything in one place: what the RE5 is, who must write it, the format and pass mark, what it costs, how booking works, and how to prepare without wasting weeks on the wrong topics.

One thing upfront: PassPath is an independent prep tool, not the exam body. The RE5 is administered through Moonstone under the FSCA. We link to the official sources throughout, so you can always confirm the latest details yourself.

What is the RE5 exam?

The RE5 is the first-level regulatory examination for representatives under the FAIS Act (the Financial Advisory and Intermediary Services Act, 37 of 2002). It doesn't test product knowledge. It tests whether you understand the rules you work under: what the FAIS Act requires of you, your duties to clients under the General Code of Conduct, your anti-money-laundering obligations under FICA, and the boundaries of what you may and may not do as a representative.

It's a legal competence requirement, not an optional certificate. The FSCA sets the qualifying criteria (originally in Board Notice 105 of 2008, amended over the years, most significantly by Board Notice 194 of 2017), and every exam question is drawn from a central, FSCA-authorised question bank. The FSCA also publishes its own Regulatory Examinations FAQ if you want the regulator's answers first-hand.

“RE5” is shorthand for its full name: the Regulatory Examination for Representatives in all Categories of FSPs. You'll sometimes hear it called “the rep exam”. Same thing.

RE5 or RE1: which one do you need?

The two first-level regulatory exams split by role, not by seniority or product line. The RE5 is for representatives, the people who actually render financial services to clients, whether that's giving advice or providing intermediary services. The RE1 is for Key Individuals, the people who manage or oversee the FSP itself, and for sole proprietors.

If you're a sole proprietor, you hold both roles at once and write both exams. And if you're not sure which category your appointment falls under, don't guess. Your FSP's compliance officer can tell you in minutes, and writing the wrong exam is an expensive detour. For a fuller side-by-side, see RE1 vs RE5: which exam do you need?

Who must write the RE5?

Anyone appointed as a representative of a licensed financial services provider (FSP). In practice, that means the people who give advice or provide intermediary services to clients. Purely clerical and administrative staff are excluded.

The deadline matters. A representative appointed under supervision must pass the applicable regulatory exam within two years of their date of first appointment (their “DOFA”), per FAIS Notice 86 of 2018. Miss it and you can't remain on your FSP's representative register for the affected categories. If you're unsure of your DOFA date, your compliance officer can confirm it, or you can check via Moonstone.

For comparison, the RE1 for Key Individuals runs 80 questions over 2 hours 30 minutes with a 65% pass mark. It's a longer paper, covering sixteen tasks instead of the RE5's eight. If that's your exam, start with the complete RE1 guide.

RE5 format, pass mark and duration

• 50 multiple-choice questions, each worth 2%
• 2 hours (120 minutes)
• Pass mark: 66%, which means 33 of 50 questions
• Four answer options per question, one correct, no negative marking
• Closed book, written on paper at a supervised venue

Those numbers come from the official preparation guide that Moonstone and the FSCA publish (re-issued January 2026). Two hours sounds generous, but it works out to under two and a half minutes per question, and RE5 questions are scenario-based. Many test whether you can apply a rule to a situation, not just recall it. The official guide grades questions across four complexity levels, and only a minority are straight knowledge questions. Time pressure is one of the most common reasons prepared people underperform, which is why practice under timed conditions matters.

What does the RE5 cost?

The exam fee is currently R1 300 (VAT inclusive) per attempt, and it's the full fee again each time you rewrite. Fees are reviewed from time to time, so check Moonstone's exam page for the current amount before you budget.

That fee structure is worth taking seriously. Two failed attempts cost more than most prep tools, before you count the study time and the pressure of your DOFA deadline. Walking in the first time knowing you're ready is the cheapest path through.

How to book the RE5

1. Register and book online at faisexam.co.za, Moonstone's exam portal. You can also book by phone or email; details are on the Moonstone site.
2. Pay within 24 hours of booking (your invoice number is the reference), or the booking lapses.
3. Book early. Registration for a sitting closes 11 working days before the exam date, and seats at popular venues fill quickly.
4. On the day, bring your original ID: a smart ID card, green barcoded ID book, valid passport or valid driver's licence. Copies aren't accepted.
5. Arrive at least 30 minutes early. Doors close before the start time, and late arrival means forfeiting your fee.

The exam is venue-based and paper-format. There's no online option as of 2026. If you have a disability or special requirement (the official process provides for dyslexia, visual impairments and more), apply in writing when you register, with supporting medical evidence.

What the RE5 covers

The material comes from four sources, and every question traces back to a published task in the qualifying criteria:

• The FAIS Act: licensing, representatives and key individuals, supervision, the role of the FSCA
• The General Code of Conduct: your duties to clients, including disclosure, suitability, record-keeping, conflicts of interest and complaints
• FICA: client identification, record-keeping and reporting duties under anti-money-laundering law
• Subordinate legislation and board notices, including the fit-and-proper requirements in Board Notice 194 of 2017

The syllabus is organised into eight tasks for the RE5: eight clusters of things a representative must know and be able to apply. This structure is genuinely useful for studying, because your gap is almost never “everything”. It's specific tasks. Knowing which ones changes how efficiently you can prepare, and the free PassPath readiness check samples every task to show you exactly that.

When do you get your results?

Results are emailed within a maximum of 20 working days. They go to the FSCA first, then to you. You can also log in at faisexam.co.za to view your result and download your certificate. One important detail: you may not view your question paper or your answers afterwards, so a fail won't come with an explanation of which questions went wrong. If that happens, here's how to approach the rewrite.

One caution while we're on certificates. Moonstone has warned about social-media scams selling fake RE5 certificates. There is no shortcut, discounted certificate or “buy your RE5” route. Anyone offering one is selling fraud, and certificates can be authenticated with Moonstone. The only way through is to pass the exam.

Does the RE5 expire?

No. The RE5 is a competence exam, not a qualification with an expiry date. Once passed, it stands. You do, however, need to stay fit and proper for as long as you work in the industry, which includes completing CPD (continuous professional development) each annual cycle running from 1 June to 31 May.

How to prepare (honestly)

Start with the official, free preparation guide. It lists the qualifying criteria and the legislation each task draws on, so it tells you what can be asked. What it can't tell you is where you stand.

That's the real problem with most RE5 prep: reading the same material as everyone else, in the same order, with no way of knowing which tasks would fail you tomorrow. The efficient sequence is the reverse. Measure first, then study the gap.

That's what PassPath is built for. A free 16-question readiness check samples every RE5 task and shows you, in about 15 minutes, where you're strong and where your gaps are. From there, adaptive practice points your study time at your weakest tasks, spaced repetition resurfaces what you're starting to forget, and timed mock exams mirror the real format, length and pass mark so exam day feels familiar. No tool can promise you a pass, and you should be wary of anyone who does. What you can do is walk in knowing, rather than hoping, that you're ready. Start with the free readiness check, then follow a realistic week-by-week study plan.