Download the best ultimate RE5 Study Guide as your study source for the RE1 and RE5 exams. RE5 Online ensures that our RE1 and RE5 study material is continuously updated and contains all the information you require to prepare for the regulatory examinations you will write through Moonstone.
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Our RE5 Study Guide was updated in January 2024 with RE5 and RE1 Exam information!
You should be able to learn this RE5 study guide in 25 days if you dedicate 1 hour a day to your regulatory exam preparation.
The only RE1 and RE5 study material you should study from!
The 2024 RE1 and RE5 Study Guide Layout
Our RE5 study guide contains 12 Chapters of FAIS exam content to help you pass all the RE5 exam Tasks.
Chapter 1 – FAIS Abbreviations
Chapter 2 – Demonstrate the understanding of the FAIS Act as a regulatory framework
This chapter is summarised into 19 pages that will enable you to demonstrate your understanding of the FAIS Act as a regulatory framework. Allow yourself at least 3 hours to study Chapter 2.
After studying Chapter 2 you will be able to:
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- Describe the FAIS Act and subordinate legislation
- Purpose
- Overview of the FAIS Act
- The Role Players of the FAIS Act
- Role Players – FAIS Act
- FCSA – Financial Sector Conduct Authority
- FAIS Division of the FSCA – Departments
- Registration Department
- Supervision Department
- Enforcement Department
- Compliance Department
- Commissioner
- Product Supplier
- Third-Party FSP
- Key Individual
- Compliance Officer
- Representative
- Definitions
- Financial Service Categories
- Financial Service Sub-Categories
- Tiers of Products
- Underwriting definitions
- Classes of Business
- Meanings of short-term policies
- Meaning of long-term Insurance policies
- Describe the FAIS Act and subordinate legislation
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Chapter 3 – Representatives Roles and Responsibilities Defined In The FAIS Act
This chapter is summarised into 2 pages and you should allow yourself at least 20 minutes to study Chapter 3.
Topics covered in Chapter 3:
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- Roles and Responsibilities of the Representative
- The Representative Register
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Chapter 4 – Manage and Oversee the Appointment of Representatives
This chapter is summarised into 22 pages and you should spend a minimum of 4 hours studying Chapter 4.
Chapter 4 covers:
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- Fit and Proper Requirements For Representatives
- Honesty, Integrity and Good Standing
- Competency requirements for representatives
- Experience Requirements for Representatives
- Lapsing of experience
- Qualification requirements for representatives
- Class of Business Training
- Requirements
- Product Specific Training
- Regulatory Examinations
- Continuous Professional Development
- Services Under Supervision
- Supervision Agreement
- Duties of the Supervisor
- Duties of a Representative
- Duties of the FSP
- Debarment of Representatives
- Debarment in terms of section 14(1)
- Procedures before debarment is effected
- Procedures after debarment have been effected
- Rights of the debarred representative
- Examples where debarment must be considered
- Effect of debarment
- Reappointment of a debarred representative
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Chapter 5 – Key Individual
This chapter is summarised into 9 pages and you should spend a minimum of 1.5 hours studying Chapter 5.
Chapter 5 Covers:
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- Statutory Obligations
- The Role of the Key Individual
- Management Responsibilities
- Requirements for Approval of Key Individuals
- Competence Requirements for a Key Individual
- General Management and Oversight Experience
- Qualification Requirements – Key Individuals
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Chapter 6 – Compliance Officer
This chapter is summarised into 8 pages and you should spend a minimum of 1.5 hours studying Chapter 6.
Contents of Chapter 6:
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- Duties of a Compliance Officer
- Written reports to FSP
- Annual report to Commissioner
- Rendering of Compliance Services under Supervision
- Supervision in respect of different categories on FSPs
- Sign off of Compliance Reports
- Signing the Report
- Withdrawal of a Compliance Officer’s Approval
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Chapter 7 – The Role and Authority of the FAIS Ombud
This chapter is summarised into 5 pages and you should spend a minimum of 1 hour studying Chapter 7.
Chapter 7 addresses:
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- The Power of the FIAS Ombud
- Procedures when investigating a complaint
- Summary dismissal of complaints
- Costs and Interest
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Chapter 8 – Maintain the License of the FSP
This chapter is summarised into 16 pages and you should spend a minimum of 3 hours studying Chapter 8.
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- Requirements for Licensing of the FSP
- The Impact of Licensing Conditions on an FSP
- Apply for an FSP license
- The Application Process
- Section 13
- Requirements for Changing an Aspect of an FSP License
- Guarantees Providers Must Have in Place
- Manage the Licensing Conditions
- Informing the Registrar within the Prescribed Timeframe
- The Implications to the FSP if Licensing Conditions are not met
- Urgent Suspension or Withdrawal
- Accreditation under the Medical Schemes Act 1998
- Lapsed License
- Lapsing a License Differs from Suspension or Withdrawals
- Voluntary sequestration, winding-up and closure
- Internal Controls and Measures
- Levies Payable
- Calculation of Levies
- Business Rescue
- Application by Registrar for Sequestration or Liquidation
- Undesirable Business Practices
- Implications where the Registrar issues a Directive
- FIAS Act Offences – Enforcement
- Administrative Penalties
- Requirements for Licensing of the FSP
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Chapter 9 – Manage and Oversee the operational ability of the FSP
This chapter is summarised into 10 pages and you should spend a minimum of 1.5 hours studying Chapter 9.
Covered in Chapter 9:
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- Operational Ability Requirements of the FSP
- Governance Requirements
- Outsourcing of functions to a person other than a representative of the FSP
- Appointment of Representatives
- Financial Soundness
- General requirements
- Financial Soundness Requirements According To Category
- Definitions
- Early warning requirements
- Multiple Category FSPs
- Operational Ability Requirements of the FSP
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Chapter 10 – Comply with Regulated Record-Keeping Requirements
This chapter is summarised into 4 pages and you should spend a minimum of 45 minutes studying Chapter 10.
Chapter 10 covers:
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- Maintenance of records
- Accounting and Audit Requirements
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Chapter 11 – Money Laundering and Terrorist Financing Control Regulations
This chapter is summarised into 5 pages and you should spend a minimum of 45 minutes studying Chapter 11.
Contents of Chapter 11:
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- Definitions
- Accountable Institution
- Consumer responsibility in terms of FICA
- Responsibilities of accountable institutions
- Accountable institutions have the responsibility to
- The method of identification and verification of particulars
- Responsibilities in addition, to keeping records
- Identification and verification
- Record Keeping
- Reporting by Accountable Institutions
- Training and Internal Rules
- Reporting Transactions and suspicious activities
- Prohibition on informing a client when a report is made
- Offences and Penalties
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Chapter 12 – General Code of Conduct – THE MOST IMPORTANT SECTION FOR YOUR RE5 EXAM!!!!
This chapter is summarised into 37 pages and you should spend a minimum of 6 hours studying Chapter 12. Code of Conduct forms the basis of the regulatory examinations.
Chapter 12 includes:
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- General Duties of a Provider
- Definitions
- Specific duties of the provider
- Transactions of a client must be accurately accounted for
- Furnishing of Advice
- Replacement Long-Term Insurance
- Incomplete Needs Analysis
- Record of advice
- Conflict of Interest
- Conflict of Interest Includes
- Transparency
- What can’t be done by the provider?
- Conflict of Interest Policy
- Incentives and Bonuses offered to Representatives
- Conflict of Interest Management Policy
- Further Requirements
- Reporting Obligations
- Custody of Financial Products and Funds
- General Disclosures
- Information Regarding Financial Service Providers
- Information Regarding Product Suppliers
- Information Regarding Financial Service
- Transactional disclosures
- Disclosures for Direct Marketers
- Advertising and Direct Marketing
- Risk Management
- Control measures
- Specific control objectives
- Insurance
- Complaints
- Complaints Management Framework
- Engagement with Ombud and Reporting
- Basic principles of systems and procedures
- Resolution of complaints
- Reporting Complaints Information
- Termination of Agreement or Business
- Waiver of Rights
- General Duties of a Provider
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Studying from our Regulatory Roadmap
The financial world operates within a complex web of regulations. Our RE5 Study Guide serves as your roadmap, guiding you through the maze of regulatory frameworks to successfully pass the Moonstone RE5 Exam.
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