Regulatory exam for representatives(RE5)
Regulatory exam for representatives(RE5)
Do you need to do the Regulatory exam for Representatives, RE5?
Then this is the course for you!
An on-line course created by an a expert who set exam questions for the Financial Services Board. As the head of Discovery's regulatory training program and Group Compliance Manger, Gail Gibson had one of the highest first attempt pass rates in the industry for the regulatory exams. Gail left the corporate world to do her work as a multiple seta accredited moderator and assessor, using her experience to train and develop accredited international courses. Thousands of successful students can attest to her skill in preparing them for this exam.
In this course you will get:
- Exam content and overview including the setup of the exam
- Full teaching on each of the 8 specified outcomes of the exam and the 69 qualifying skills criteria
- Exam technique and downloadable resources to increase learning retention
- Swot sheets of the time frames
- Over 80 interactive exam questions created to the same standard as the actual exam
- A full 50 question exam after completing all the tasks
- On-line support
- Why is there a Regulatory Exam requirement
- Requirements of the exam
- Setup of the exam
- Exam content overview
- Detailed explanation of critical content in each of the eight tasks
- Tips and legislation focus point guidelines per task
- Overall guidance
- Exam technique guidance
- Mock exam support process
- Exam booking process
There are eight tasks and approximately 69 qualifying criteria to be covered in the exams. Areas tested will include:
The roles and responsibilities of representatives in terms of the FAIS Act
- Understanding the role of the Key Individual
- The Fit and Proper requirements of representatives
- Services under supervision
- The representatives’ contributions towards maintaining a financial services provider license
- Obligations of the representatives in terms of the General Code of Conduct
- Record keeping and disclosure requirements
- Knowledge of financial products
- Fraudulent behavior, complaints and the debarment process
- Adherence to FICA
By the end of this unit you should be able to:
- Explain the requirements an FSP must meet to maintain an FSP License.
- Explain what processes are required to remain updated with regards to other legislation, amendments, updates and requirements published that will affect the FSP.
- Explain what is meant by undesirable practices.
- Describe the implication for an FSP if the registrar publishes a notice regarding an undesirable business practice.
- Explain the reparation measures available to the registrar if a FSP continues with undesirable business practices.
- Discuss the requirements of the Act around the display of licenses.
- Explain the reasons why licenses can be suspended or withdrawn.
- Explain what recourse an FSP has in a case where its license has been suspended or withdrawn.
- Discuss the reasons why an FSP would lapse a license.
- Describe how lapsing a license differs from suspension or withdrawal.
- Describe the conditions under which a license can be re-instated.
- Describe the conditions under which reinstatements of authorization may be imposed.
- Describe the role and powers of the Ombud.
The word Ombud originated from Scandinavia and means “representative of the people”
When you give financial advice the first step is always to get to know your client, and this works both ways. The client must get to know you.
It is the general duty of a provider to give financial services honestly, fairly, with due skill, care and diligence keeping the interests of the clients in mind as well as the integrity of the financial services industry. In order to achieve this we have minimum requirements in the FAIS Act which are detailed in the codes of conduct.
In this section we will look at the disclosures you have to make to any client or group of clients.
Conflict of interest means a situation where a provider or a representative has an actual or potential interest that may influence the objective exercising of obligations to the client or prevent the rendering of financial services in an unbiased and fair manner. It will therefore occur when two or more interests conflict with one another and can render the financial service biased or inadequate.
This typically presents itself where product sales are linked to incentives, monetary or other lavish rewards (such as overseas trips). The danger is that the representative or provider may be influenced by these considerations without due care to the client and his/her needs.
Non-cash incentives offered and/or other indirect consideration payable by another provider, a product supplier or any other person to the provider could be viewed as a potential conflict of interest.
By the end of this unit the learner should be able to:
- Describe the role and function of a compliance officer