What is the RE5? Meaning, exam format and who has to write it

The RE5 is the FAIS Regulatory Examination for representatives: a compulsory 50 question multiple choice exam on South African financial services law, written through Moonstone on behalf of the FSCA, with a 2 hour limit and a pass mark of 66%, which is 33 of 50 correct.

It is not a product knowledge test and not a qualification. It is a law and conduct exam you must pass to stay on an FSP's representative register.

What does RE5 stand for?

RE5 stands for Regulatory Examination 5. In full it is the FAIS Regulatory Examination for Representatives. You will also see it written as RE 5, RE-5, "regulatory exam 5", "RE5 regulatory examination" or loosely "the FAIS exam". All the same paper.

The "RE" is short for regulatory examination. The "5" is just the number attached to that paper: not a difficulty rating, not a grade, not a level you work up to from RE1. The numbering separates papers by who writes them, RE1 for key individuals and RE5 for representatives.

What is the RE5 exam?

The RE5 exam is the FAIS regulatory examination for representatives, set by the Financial Sector Conduct Authority (FSCA) and administered by Moonstone as the appointed examination body. You write it at a physical venue, on paper, under invigilation. The mechanics:

Questions: 50 multiple choice questions.

Duration: 2 hours, paper based.

Pass mark: 66%, which is 33 of 50 correct (the FSCA's 65% rule applied to a 50 question paper).

Results: a maximum lead time of 20 working days from exam to results, often sooner.

The pass mark is where the confusion sits. The FSCA states it as 65%, and 65% of 50 is 32.5. You cannot answer half a question, so in practice you need 33 of 50, which is 66%. That is why some sources say 65% and others say 66%: same threshold, described from different directions. Full breakdown in the RE5 pass mark explainer, and the whole paper is walked through in the complete RE5 exam guide.

Is the RE5 a course or an exam?

The RE5 is an examination, not a course. Many people search for an "RE5 course" expecting to enrol, attend classes and receive the RE5 at the end. That is not how it works.

There is no compulsory RE5 course and no attendance requirement. You register directly for the examination, write it at a Moonstone venue, and either meet the threshold or you do not. Sitting through a training programme does not earn you the credit. Only the result does.

What does exist is a market of third party training providers, workshops, textbooks and question banks. Some are excellent, some are thin, none are the exam. If something is advertised as an "RE5 course", it is tuition or study material: how to choose RE5 study material works through the formats, and RE5 study options compared puts the 2026 prices side by side. PassPath sits in that category too: your booking and your R1 300 always go through Moonstone.

Who has to write the RE5?

You have to write the RE5 if you are appointed as a representative of a licensed financial services provider and you render financial services or advice to clients: financial advisers, brokers, short term and life insurance agents, tied agents, bank staff who sell or advise on financial products, and staff advising on medical schemes or funeral cover.

Key individuals write the RE1 instead. A key individual oversees the financial services the FSP renders, rather than advising the client. Someone doing both jobs, common in a small brokerage, may need both papers. The RE1 vs RE5 comparison sets the two roles against each other, and if you are heading for oversight rather than advice, start with the RE1 exam guide.

You do not need an FSP number to write the RE5, so you can write it before you are appointed anywhere. Often the smarter sequence if you are job hunting.

What does the RE5 cover?

The RE5 tests the legislation and conduct standards governing how a representative behaves, not the products you sell. At a high level:

The FAIS Act and its subordinate legislation. The structure of the Act, the licensing regime, the role of the FSCA, and the notices and codes under it.

The General Code of Conduct. The standards you must meet with a client, including suitability of advice and conflicts of interest.

Duties of a representative. What you may and may not do, advice versus intermediary service, and the limits of working under supervision.

Disclosure. What must be disclosed, when and about whom: the FSP, the product supplier, the product and your remuneration.

Record keeping. What records must be kept, in what form and for how long.

Complaints and the FAIS Ombud. Internal complaint handling and how the Ombud process works.

Fit and proper requirements. Honesty and integrity, competence, CPD and operational ability.

Study against the published qualifying criteria rather than a random textbook. The exam is written to those criteria, and each one is a testable statement.

When do you have to pass it by?

Under FAIS Notice 86 of 2018, a supervised representative must complete the applicable regulatory examination within 2 years of their date of first appointment, known as your DOFA. That is the date you were first appointed as a representative and recorded on an FSP's register. The two year clock runs from there.

For appointments after 1 February 2019, that window runs from your start date and the older annual 30 June deadline no longer applies. For appointments before that date, the older mid-year provision still applies. If yours sits near the boundary, confirm your exact DOFA with your compliance officer. Working backwards from your DOFA deadline turns that date into a booking plan.

Missing the deadline is not a paperwork problem. You cannot remain on the FSP's representative register. Debarment is the consequence, and some FSPs remove a representative first to avoid a debarment record. Either way, you stop rendering financial services legally.

Once you have passed, the result itself has no stated expiry date. What lapses is your authorisation and fit and proper standing, which depend on ongoing CPD and current FSP registration. See does the RE5 expire and the RE5 certificate guide.

What does the RE5 cost and how do you book it?

The RE5 costs R1 300, VAT inclusive, per examination per candidate. The FSCA sets that fee, so it does not vary by venue. A rewrite is the same R1 300 per attempt, and you do not re-register: you log in and rebook. Full breakdown in the RE5 and RE1 exam cost article.

You book online at faisexam.co.za, by phone on (021) 883 8000 or 888 9796 on weekdays between 8am and 4pm, or by emailing a completed registration form to faisexam@moonstoneinfo.co.za. Registration closes 11 working days before each sitting, and payment must reach Moonstone within 24 hours of registration or the booking is not confirmed, using the EB invoice number as reference. Step by step in how to book the RE5, live dates on the RE5 exam dates schedule, and the venue network in where you can write.

How hard is the RE5?

It is a fair exam that a lot of people underestimate. The difficulty is not the concepts, most of which are common sense once you have read them. It is precision. Questions come from legislative wording, several options look defensible, and the answer often turns on one qualifier such as "must" versus "may".

Two things make it harder than expected. First, 33 of 50 leaves little margin: eighteen wrong answers ends the attempt. Second, industry experience does not automatically translate into the exam's legalistic phrasing, and many candidates write while working full time on a weekend of skim reading.

It is also very passable. People who work through the qualifying criteria systematically, do a high volume of practice questions and check weak areas before booking tend to be fine. For where attempts come apart, read why representatives fail the RE5. After one unsuccessful attempt, how to pass the rewrite is the better starting point.

How to prepare for the RE5

Work through the published qualifying criteria in order, answer practice questions under time pressure rather than only reading, and track the topics you get wrong. A realistic plan is in how to study for the RE5. Before you spend R1 300 on a booking, get an objective read on whether you are ready: am I ready for the RE5 separates a real readiness signal from a feeling of confidence.

The fastest way to get that signal is the free PassPath readiness check. It takes about 15 minutes, needs no card, scores you against every FSCA qualifying criterion the exam tests, and returns a readiness score plus a red to green topic heat map so you know what to fix before you book.

PassPath is an independent study platform. The RE5 is written through Moonstone; PassPath is not affiliated with Moonstone or the FSCA.