RE5 summary notes: every number, deadline and limit on one page
By The PassPath Team ยท Last updated
Part of: The RE5 exam guideThese RE5 summary notes put the numbers the syllabus turns on in one place: deadlines from your date of first appointment, record keeping periods, cash thresholds, penalties and Ombud limits. Every number is checked against the published text of the law it comes from, and the section sits next to it. To test yourself, switch on Cover the numbers below, tap each number, and mark whether you knew it.
PassPath is an independent prep tool, not affiliated with Moonstone or the FSCA. The RE5 is written through Moonstone.
Hide every number, then test yourself.
PDFDownload the one-page PDFThe numbers people mix up most
These share a number, or sit close together, but start from different events or apply to different steps. Look-alike numbers are the most common trap in our free RE5 mock exam, and they are one of the patterns behind why representatives fail the RE5.
Task 1: FAIS Act framework numbers
The FAIS Act frames the rest of the paper. Two numbers in Task 1 come straight from the Act.
| Rule | Number | Who | Clock starts | Source |
|---|---|---|---|---|
| The FAIS Act was enacted (assented to by the President) | 15 November 2002 | FSP, representative | Assent by the President | Government Gazette 24079 (Act 37 of 2002, assent) |
| A bank deposit falls under the FAIS Act only through the code of conduct under s15(2)(b) if its term does not exceed this | 12 months | FSP | The term of the deposit | FAIS Act s1(4) |
The 12-month term decides whether a bank deposit is handled through the code of conduct written for it under section 15(2)(b). For what the Act is for and how it is built, start with the RE5 study guide.
Task 2: FSP licence numbers
Keeping a licence means meeting the FSCA's deadlines and knowing what missing them costs.
| Rule | Number | Who | Clock starts | Source |
|---|---|---|---|---|
| Written representations on a notice of intention to declare a practice undesirable must reach the FSCA within | 21 days | FSP | Publication of the notice of intention in the Gazette | FAIS Act s34(3) |
| An FSP directed to put right the effects of an undesirable practice must do so within | 60 days | FSP | The date the directive is issued | FAIS Act s34(6) |
| Penalty for not giving the FSCA a return, information or document on time | R1 000 per day | FSP | Each day the failure continues | FAIS Act s41(2)(a) |
| Maximum prison term for a FAIS Act s36 offence | 10 years | FSP, representative | Conviction for a listed offence | FAIS Act s36 |
| Minimum guarantee or professional indemnity cover for a Category I or IV FSP that does not hold client funds | R1 million | FSP | Not a deadline | BN 123 of 2009 s3(a) |
The two undesirable practice periods start from different events: 21 days from the Gazette notice for comments, 60 days from the FSCA's directive to put things right. The maximum FAIS fine is not in this table yet: we list a figure only once it is checked against the current text of the Act, and that check is still open.
Task 3: Key individual numbers
Key individuals answer for who the FSP lets in and for its competence records.
| Rule | Number | Who | Clock starts | Source |
|---|---|---|---|---|
| A business placed in liquidation or business rescue counts against a person's good standing if it happens while they are connected to it, or within | 1 year | key individual, representative | The end of the person's connection with the business | BN 194 of 2017 s9(1)(n) |
| The FSP records CPD activities in the competence register within | 30 days | FSP, key individual | Expiry of each CPD cycle | BN 194 of 2017 s32(3)(a) |
The one-year rule reaches past a resignation: a business that goes into rescue within a year of the person leaving still counts against their good standing. The 30 days for CPD records starts when the cycle ends on 31 May. The wider role is in our guide to key individual responsibilities.
Task 4: Code of conduct numbers
The General Code of Conduct turns on thresholds: how much, how long, and what share.
| Rule | Number | Who | Clock starts | Source |
|---|---|---|---|---|
| An immaterial financial interest from one third party, the only kind that need not be disclosed, adds up to no more than | R1 000 | FSP, representative | Per calendar year, from the same third party | GCOC s1 (immaterial financial interest) |
| Product supplier information given orally must be confirmed in writing within | 30 days | FSP, representative | The information being given orally | GCOC s4(1) |
| Disclose to the client if the FSP holds more of the product supplier's shares than | 10% | FSP | Not a deadline | GCOC s4(1)(d)(i) |
| Disclose to the client if the FSP earned more of its total remuneration from one product supplier than | 30% | FSP | The preceding 12 months | GCOC s4(1)(d)(ii) |
| For insurance with premium increases, show the increased premium for the first 5 years, then every 5 years, up to | 20 years | FSP, representative | Start of the policy | GCOC s7(1)(c)(xiv) |
| Keep records of all advertisements for at least | 5 years | FSP | Publication of the advertisement | GCOC s14(7)(b) |
| A complaint upheld through the FSP's ordinary client-query process is not a reportable complaint if that process takes no more than | 5 business days | FSP | The date the complaint is received | GCOC s16 (reportable complaint) |
| If a complaint is not resolved, the FSP must tell the client they may go to the Ombud after | 6 weeks | FSP | Receipt of the complaint | Ombud Council Rules 2024, Rule 6(2) |
| Pay funds held for clients into the separate client bank account within | 1 business day | FSP, representative | Receipt of the funds | GCOC s10(1)(d)(i) |
R1 000 is a yearly total from one third party, not a limit per gift. The 10% and 30% tests are separate, and either one on its own means the client must be told.
Task 5: Record keeping numbers
Five years is the record keeping number, but each law starts the clock somewhere different.
| Rule | Number | Who | Clock starts | Source |
|---|---|---|---|---|
| Keep the FAIS Act records (cancellations, complaints, licence compliance, non-compliance, representatives' competence) for at least | 5 years | FSP | s18 sets a minimum period but does not name the start date | FAIS Act s18 |
| Keep client records under the General Code for | 5 years | FSP | Termination of the product (to the FSP's knowledge), or else the rendering of the service | GCOC s3(2)(b) |
| Records must be available for inspection within | 7 days | FSP | The FSCA's request | GCOC s3(2)(c) |
| Keep records of a business relationship for at least | 5 years | FSP | The date the business relationship is terminated | FIC Act s23(a) |
| Keep records of a single transaction for at least | 5 years | FSP | The date the transaction is concluded | FIC Act s23(b) |
| Keep records behind a suspicious transaction report for at least | 5 years | FSP | The date the report was submitted to the FIC | FIC Act s23(c) |
| Record class of business or product specific training in the competence register within | 15 days | FSP | The training taking place | BN 194 of 2017 s30(a) |
| Keep training information and documents for at least | 5 years | FSP | The FSP or representative stops rendering services for that product or class of business | BN 194 of 2017 s30(b) |
| Keep CPD supporting evidence for at least | 5 years | FSP | The end of the CPD cycle concerned | BN 194 of 2017 s32(3)(e) |
Under the FIC Act one client can have three end dates: when the relationship ended, when each transaction closed, and when a report went to the FIC. The seven days in the General Code run from the FSCA's request, and the records may be kept by someone else as long as they can be produced in time.
Task 6: FIC Act numbers
The FIC Act numbers are thresholds and reporting windows, and the windows skip weekends and public holidays.
| Rule | Number | Who | Clock starts | Source |
|---|---|---|---|---|
| Report a cash transaction to the FIC (cash threshold report) when the cash is above | R49 999,99 | FSP | Cash paid to or received from a client | MLTF Regulations reg 22B, read with FIC Act s28 |
| Send a cash threshold report to the FIC within | 3 days (weekends and public holidays excluded) | FSP | Becoming aware of a cash transaction above the threshold | MLTF Regulations reg 24(4) |
| Send a suspicious or unusual transaction report to the FIC as soon as possible, but no later than | 15 days (weekends and public holidays excluded) | FSP, representative | Becoming aware of the fact that makes the report necessary | MLTF Regulations reg 24(3), read with FIC Act s29 |
| The FIC may direct an institution not to proceed with a transaction for no longer than | 10 days (weekends and public holidays excluded) | FSP | The FIC's written direction | FIC Act s34(1) and (2) |
| Tell the FIC in writing of changes to registration details within | 90 days | FSP | The change | FIC Act s43B(4) |
| Maximum administrative financial penalty | R10 million (natural person) / R50 million (legal person) | FSP, representative | Non-compliance found by the FIC or a supervisory body | FIC Act s45C(3)(e) |
| Maximum criminal penalty for most FIC Act offences (for example failing to report, tipping off) | R100 million or 15 years | FSP, representative | Conviction | FIC Act s68(1) |
| Maximum criminal penalty for the lesser FIC Act offences (s55, 62A to 62D) | R10 million or 5 years | FSP, representative | Conviction | FIC Act s68(2) |
A cash threshold report is about size: cash above R49 999,99. A suspicious transaction report is about what the transaction is, whatever the amount, and its 15 days start when someone becomes aware of the fact behind it. The R10 million and R50 million figures are administrative penalties; the criminal ones are in the last two rows.
Task 7: Ombud complaint numbers
A complaint passes two clocks before it reaches the FAIS Ombud, with a three-year limit behind both.
| Rule | Number | Who | Clock starts | Source |
|---|---|---|---|---|
| The FAIS Ombud's monetary limit on a claimCurrent figure. The 2024 Rules revoke the 2003 Rules (Rule 12). Rule 4(1)(e) applies to complaints officially received on or after the Rules came into operation (Rule 13(2)), on publication, dated 1 July 2024. The earlier limit is not recorded in the register, so it is not stated here. | R3 500 000 | client, FSP | Unless the FSP agrees in writing to exceed it, or the client gives up the excess | Ombud Council Rules 2024, Rule 4(1)(e) |
| The Ombud must receive the complaint within | 6 months | client | The FSP's final response, or the end of the FSP's six-week period | Ombud Council Rules 2024, Rule 4(1)(d) |
| The Ombud must decline a complaint about an act that happened more than | 3 years | client | Before the Ombud received the complaint; or from when the client became aware (or should have) | FAIS Act s27(3)(a) |
| Apply to the Financial Services Tribunal for reconsideration, where reasons were asked for, within | 30 days | client, FSP, representative | The statement of reasons being given | FSR Act s230(2)(a) |
| In all other cases, apply to the Tribunal for reconsideration within | 60 days | client, FSP, representative | Being notified of the decision | FSR Act s230(2)(b) |
The FSP gets six weeks to resolve a complaint, then the client has six months to take it to the Ombud. The R3 500 000 limit comes from the Ombud Council Rules of 2024, which replaced the 2003 rules, so older study material can still show the earlier position.
Task 8: Representative numbers
Most Task 8 numbers run from your date of first appointment (DOFA) or from the CPD cycle.
| Rule | Number | Who | Clock starts | Source |
|---|---|---|---|---|
| A representative under supervision must pass the regulatory exam (RE5) within | 2 years | representative | Date of first appointment (DOFA) | FSCA FAIS Notice 86 of 2018, Condition 2(1) |
| A representative under supervision must complete class of business training within | 12 months | representative | First appointment for that financial product | FSCA FAIS Notice 86 of 2018, Condition 2(3)(a) |
| A representative under supervision must hold the recognised qualification within | 6 years | representative | First appointment for that financial product | FSCA FAIS Notice 86 of 2018, Condition 2(3)(b) |
| CPD starts when the representative meets the class of business, RE5 and qualification requirements, or after this, whichever comes first | 6 years | representative | Date of first appointment (DOFA) | FSCA FAIS Notice 86 of 2018, Condition 2(4) |
| The CPD cycle runs for 12 months | 1 June to 31 May | representative, key individual | Every year | BN 194 of 2017 s1 (CPD cycle) |
| Minimum CPD hours per cycle: one subclass / more than one subclass in a class / more than one class of business | 6 / 12 / 18 hours | representative, key individual | Per CPD cycle | BN 194 of 2017 s33(1) |
| Representatives give the FSP their CPD evidence within | 15 days | representative, key individual | Expiry of the CPD cycle | BN 194 of 2017 s33(2) |
| Notify the FSCA of a debarment (Part I of the form) within | 5 days | FSP | The debarment | FSCA FAIS Notice 17 of 2018, Debarment Notification Form Part I |
| Send the FSCA the grounds, reasons and evidence for a debarment (Part II) within | 15 days | FSP | The debarment | FSCA FAIS Notice 17 of 2018, Debarment Notification Form Part II |
| A debarred representative can be reappointed only after | 12 months | representative, FSP | The debarment date (unless debarred only for not qualifying, and has since qualified) | BN 82 of 2003 s2(a) |
The 2-year, 12-month and 6-year deadlines apply while you work under supervision, and our RE5 deadline timeline works back from your own DOFA. Who has to write at all is covered in RE5 requirements, and what happens once you qualify in does the RE5 expire.
Your recall
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A self-check, not a score. It counts what you said you knew, and a few numbers a task is a small sample.
Download the RE5 summary notes PDF
RE5 summary notes PDF: every number on one page
Every number on this page, grouped by task with its source, on one A4 sheet. Free, no signup, no card.
Download the free PDFOne A4 page, printed on both sides, in small print. A revision sheet, not a textbook.
Want the syllabus itself on paper as well? The RE5 study material guide has the free qualifying criteria checklist.
How to use these notes
- Read one task's table and the line under it.
- Switch on Cover the numbers and work down that table.
- Say each number out loud before you tap it, then mark Knew it or Didn't.
- Check the same rules under exam conditions in the free RE5 mock exam.
One task a day covers the sheet in eight days. For a full plan to fit it into, see how to study for the RE5. Looking for past papers to test yourself on? There are none, and why there are no RE5 past papers covers what to use instead.
RE5 summary notes: frequently asked questions
No set of notes can promise a pass, and these are not meant to. They cover the numbers, which are a small part of the syllabus. The RE5 tests all eight tasks in 50 questions, and you need 33 correct, which is 66%. Use the notes alongside the FSCA's qualifying criteria and practice questions.
Each number comes from the law that sets it: the FAIS Act, the General Code of Conduct, the FIC Act and its regulations, the Fit and Proper requirements in Board Notice 194 of 2017, FSCA FAIS notices, Board Notices 82 of 2003 and 123 of 2009, the Financial Sector Regulation Act and the Ombud Council Rules of 2024. We check each one against the published text and list the section next to it. A number we could not confirm against that text is left off the page.
The date at the top of the page is the last time a person checked the numbers and their sources. When a law changes, we update our register of the rules, check the new wording, and the page updates from that register.
Yes. The RE5 summary notes PDF puts every number on this page on one A4 sheet, grouped by task with its source. It is free and needs no signup.
The FSCA does not publish a weighting for individual numbers or rules, so nobody can honestly say which come up most. What we can say is which ones are easy to mix up: the pairs near the top of this page share a number but not a trigger. Our free mock exam tests several of them.
PassPath is an independent study platform. The RE5 is written through Moonstone; PassPath is not affiliated with Moonstone or the FSCA.
The exam itself, with sources
These facts are about the exam, not about any study provider. Each one links to a public source you can check.
- The FSCA sets one pass mark of 65% for the regulatory examinations. FSCA Regulatory Examinations FAQ
- On the RE5's 50 questions that means 33 correct answers, which is 66%. Moonstone RE1 and RE5 preparation guideline (PDF)
- On the RE1's 80 questions the same rule is exactly 52 correct answers, which is 65%. Moonstone RE1 and RE5 preparation guideline (PDF)
- The RE5 exam fee is R1 300 per attempt, VAT inclusive. Moonstone regulatory exam body
- The RE1 exam fee is the same, R1 300 per attempt, VAT inclusive. Moonstone regulatory exam body
- The RE1 and RE5 exams are administered by Moonstone. Moonstone regulatory exam body
PassPath is an independent exam-prep tool. The RE exams are administered through Moonstone under the FSCA; always confirm official details (fees, dates, venues) with Moonstone.