Representative

Also known as: rep, representative, working under supervision

A person who renders a financial service to clients on behalf of an FSP — the role the RE5 exam qualifies you for.

A representative is any person who renders a financial service to clients for or on behalf of an FSP, whether under a contract of employment, a mandate, or otherwise. This is the role most RE5 candidates are qualifying for.

A person can act as a representative while still "working under supervision" if they have not yet met all the competency requirements. Importantly, their regulatory status remains that of a representative throughout — supervision is a condition of appointment, not a separate category.

Every representative must be recorded in the FSP’s register of representatives, must meet the applicable Fit and Proper requirements, and must complete the RE5 regulatory exam within the prescribed period.

Related terms

Financial Services Provider (FSP)A person or business licensed by the FSCA to furnish financial advice and/or render intermediary services.Key IndividualA person responsible for managing or overseeing the financial services activities of an FSP.Fit and Proper RequirementsThe minimum standards of honesty, competence and financial soundness that FSPs, key individuals and representatives must meet.DebarmentThe process by which a representative or key individual is barred from rendering financial services for failing to meet legal or Fit and Proper standards.

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