RE5 or RE1: which exam do you need?
Both are FSCA regulatory exams under the FAIS Act, but they are for different people.
RE5: for representatives
The RE5 is for representatives: the advisers, agents and call-centre sales staff who deal with clients. It has 50 questions and a pass mark of 65%.
RE1: for the business and its leaders
The RE1 is for the FSP itself: key individuals who manage or oversee the financial services business, and compliance officers. It has 80 questions.
Which one do you need?
- Joining an FSP to advise or sell? Almost always the RE5.
- Becoming a key individual or running an FSP? The RE1.
- Doing both? Some people write both, usually the RE5 first.
If you are unsure, ask your employer or compliance officer which exams your role requires. Check the current requirements when you book, because they can change.
Questions people ask
Is RE1 harder than RE5?
They test different responsibilities. RE1 is for key individuals and compliance officers and has 80 questions; RE5 is for representatives and has 50.
Do I need both RE1 and RE5?
Only if your role is both representative and key individual. Ask your employer or compliance officer.
Which should I write first?
People who need both usually write the RE5 first.
Keep reading
Who needs the RE5? Jobs and roles that require it →How much does the RE5 cost? Exam fee and study costs → All RE5 guides →Danley is exam preparation only. You register for and write the RE5 through the FSCA's examination body. Check current exam rules and fees when you book.