RE5 study plan

Define the key terms in the FAIS Act in your own words and check each definition against the wording of the Act

Outline the purpose, structure and scope of the FAIS Act, showing where the Board Notices and subordinate measures fit

Map the roles of the regulator, the FAIS Ombud and the tribunal, and describe how each interacts with an FSP

Classify five everyday activities (giving advice, intermediary service, administration) into the correct FAIS category

Determine who must be licensed and who is excluded, applying the tests to worked scenarios

Sequence the licence application process from application to authorisation, noting the information and documentation required at each step

Distinguish the licensing of an FSP from the authorisation of a representative, including the role of the representative register

Describe the consequences of operating without a licence or with a lapsed, suspended or restricted licence

Compare tied, CAT-governed and independent arrangements and explain how each changes the representative's position

Break the fit-and-proper requirements into their four components and state the standard each one imposes

Explain the honesty and integrity test and list the personal circumstances and conduct that must be disclosed and assessed

Set out the competence requirements for a representative, including qualifications, the regulatory examination and ongoing CPD

Explain operational ability and financial soundness in practical terms, giving examples of evidence an FSP must retain

Apply the fit-and-proper tests to three short case studies and justify each conclusion

Summarise the purpose and structure of the Code of Conduct and explain how it binds providers and representatives

List the conduct standards a representative must meet when dealing with clients and give a workplace example of each

Explain how conflicts of interest must be identified, disclosed and managed in the advice process

Apply the conduct standards to four fact patterns and identify every breach involved

Distinguish advice from intermediary service and state when each attracts disclosure duties

Draft the full set of disclosures a representative must give a client, and state at which point in the interaction each is due

Describe the client profiling and needs-analysis process and explain how the recorded profile drives the recommendation

Specify the records a representative and an FSP must keep, the format required and the retention period

Explain the additional duties triggered when an existing product is replaced

Describe the compliance function within an FSP and distinguish it from the supervision and monitoring roles

Explain how supervision of representatives is structured and what a supervision plan must contain

Design a simple monitoring plan with risk indicators and a reporting line to management

Set out the steps a client complaint must follow inside the FSP, including timelines and record keeping

Explain the Ombud's jurisdiction and outline the procedure from lodging a complaint to a determination, including the available outcomes

List the regulatory actions available against an FSP and against a representative, and match each to a typical trigger

Explain the grounds, process and consequences of debarment, including who may debar and what must be recorded

Distinguish internal reconsideration, appeal and review, and state which forum hears each

Revisit your lowest-scoring domain from weeks 1-6 and re-work its questions until you reach 85%

Complete a full-length timed practice exam covering all eight domains

Re-read your own summaries for all eight domains and consolidate them into a single two-page cue sheet

Drill the definitions, time periods and procedural steps that recur across domains until recall is immediate

Sit two timed full-length mock exams under exam conditions and compare the results

Close every remaining gap by re-working the questions you have missed more than once