RE5

It is a computer-based, closed-book examination made up of multiple-choice questions with a single best answer. Candidates typically write at an approved test centre under invigilated conditions. The official examining body publishes the current format, booking process and centre arrangements, so confirm the logistics on its website before you schedule.

Those figures are set and periodically updated by the official examining body, so any number quoted second-hand is likely to be out of date. Check the regulator's and examining body's current publications for the question count, duration, fee and pass mark before you book or budget.

Most candidates find it moderate rather than technical - there is no maths and no product pricing. The difficulty lies in precise legal language: distinguishing similar concepts and remembering which duty attaches to the provider, the key individual or the representative. Candidates who read the Act and the General Code of Conduct properly usually find the questions predictable.

Start with the purpose, structure and key definitions in the FAIS Act, because every later topic uses that vocabulary. Then work through licensing and authorisation, fit-and-proper requirements, and the Code of Conduct. Finish with representative duties and disclosures, compliance and supervision, complaints and the Ombud, and enforcement and debarment. Scenario questions at the end of each block cement the sequencing.

Yes, retakes are permitted, but the number of attempts, any waiting period between sittings and the fees payable are governed by the examining body's current rules. Confirm the retake policy directly with the examining body rather than relying on what other candidates tell you, since the rules are revised from time to time.

Not necessarily. A provider may appoint a representative who is still completing the competence requirements, provided the person is properly supervised and meets the deadlines set in the fit-and-proper requirements. The representative remains accountable for conduct during that period, and supervision must be genuine and documented.

No. The RE1 is written by key individuals and is broader, covering all product categories. The RE5 is the representative-level examination and is tied to the specific categories in which you are appointed. Don't assume your RE5 study material will carry you through the RE1 - the scope and depth are different.

Mixing up advice and intermediary services; disclosing at the wrong point in the advice process; missing that a duty sits with the provider rather than the representative; and skimming over words like "must" and "may". Another frequent problem is neglecting the complaints and enforcement chapters because they feel peripheral - they are examined directly.

The RE5 tests regulatory knowledge - the law and conduct standards that apply to every representative. Class-of-business requirements test the product and technical knowledge specific to the category you are appointed in. You need both; passing the RE5 does not by itself qualify you to advise in a particular product category.