What is RE5?

Anyone acting as a representative— giving advice on financial products or rendering an intermediary service — for a licensed Financial Services Provider (FSP) needs to pass RE5, unless a specific FAIS exemption applies. Key individuals (the people responsible for managing an FSP's compliance) also need to pass it. It is separate from the product-specific Regulatory Exams (RE1, RE3, RE4, RE6) that some categories of representative additionally require.

The exam covers the regulatory framework a representative needs to know day to day:

• The FAIS Act and its subordinate legislation
• The General Code of Conduct — disclosure, suitability of advice, record-keeping
• The role of the FSCA as regulator and the FAIS Ombud for complaints
• Fit and proper requirements, debarment, and the representative lifecycle
• FICA (anti-money-laundering) obligations that touch client onboarding

It is not product knowledge — that is what RE1, RE3, RE4 and RE6 test, where relevant. RE5 is about the rules governing how you deal with clients, regardless of what you sell.

RE5 is a closed-book exam of 50 multiple-choice questions, with a two-hour time limit. You need 65% (33 out of 50) to pass. For a deeper look at difficulty, common failure reasons and how long to study, see is the RE5 exam difficult.

Most candidates work through the syllabus with a structured study guide, then prove their knowledge with timed practice exams that mirror the real format — reviewing the explanation for every question they get wrong, not just the ones they get right.