17 January 2020 | 17012020-AZ-V2

Course Details:

Accreditation Details:

This course is aligned with:

Purpose of the Course:

This course aims to help prepare individuals for the Regulatory Examination for Representatives (RE5). Upon completion of the course, the individual will be equipped and ready to attempt the industry-standard Regulatory Examination for Representatives.

Upon completion the learner will be able to:

• Demonstrate understanding of the FAIS Act as a regulatory framework;
• Contribute towards maintaining an FSP license;
• Define the role of the key individual in terms of the FAIS Act;
• Adhere to the specific Codes of Conduct;
• Comply with regulated record-keeping requirements;
• Comply with the requirements of the FIC Act and Money Laundering and Terrorist Financing control regulations, as it applies to the FSP;
• Dealing with complaints that have been submitted to the Ombud for FSPs;
• Operate as a Representative in terms of the FAIS Act.

Entry Level Requirements

No entry-level requirements are applicable to the enrolment of this course.

Target Audience:

This course is aimed to assist:

• Individuals currently operating within the financial services industry as Representatives;
•  Individuals who seek to find employment as Representatives in the financial services industry.

Course Design:

This course is 100% online, incorporating various learning methodologies for best results.

The course content includes:

• 99 video lessons of 5 to 10-minute sessions;
• Glossary of terms with word of the day feature to help learn industry jargon;
• 14 x Quizzes randomly compiled from a question bank containing over 400 questions;
• A 10 Question timed mock exam;
• A 50 Question timed mock exam;
• 4 x Addendums.

Course Content:

Chapter 1: Introduction to the Regulatory Examination for Representatives

In this chapter, we take an overview look at the purpose of the regulatory examination, the regulatory environment as well as the various role players that operate within the financial services sector.

The purpose of this chapter is to introduce you to the key concepts and role players so that you have a big picture view of how they all work together. 

We also look at the purpose of the Financial Advisory and Intermediary Services Act, the implementation of which lead to the Regulatory Examination requirement. 

Chapter 2: Financial Services and Financial Products

Once you have an overview understanding of the industry, we start looking at the details. Starting with the financial services and financial products governed by the Financial Advisory and Intermediary Services Act.

With the regulatory examination being a fit and proper requirement for those who provide financial services as defined by the Financial Advisory and Intermediary Services Act, this chapter is the foundation of the course and chapter to follow.

Chapter 3: Obtain and maintain an FSP license

Chapter 3 deals the with authority required to provide financial services. We look at who may provide financial services and the requirements that must be met in order to provide financial services.

Chapter 4: Withdrawal and suspension of authority of an FSP

In this chapter, we look at the reasons why authority to provide financial services will be suspended or withdrawn.

We also compare the differences between withdrawal, suspension, and lapsing of authority as well as the declaration of undesirable practices.

Chapter 5: Responsibility of the Key Individual

The key individual is an intricate part of any financial services provider. Here we consider the role of the key individual as well the various responsibilities for which the key individual is held accountable.

Chapter 6: Appointment and Debarment of the Representative

The purpose of the regulatory examination is to prepare the representative to operate within the financial services sector. Chapter 6 looks at the role and responsibility of the representative including the requirements for appointment and reasons for debarment.

Chapter 7: Fit and Proper requirements

The fit and proper requirements, published under Board Notice 194 of 2017, as it applies to the representative are discussed in detail in this chapter. We will discuss the timelines for completion, the minimum requirements for appointment as well as the details of what the requirements entail.

Chapter 8: Service under supervision

Where a representative does not yet meet the fit and proper requirements, the representative is permitted to provide service under supervision, in certain circumstances. Chapter 8 lists the requirements to provide service under supervision.

Chapter 9: Transitional period

The amended fit and proper requirements published under Board Notice 195 of 2017, changed both the requirements and timelines for completion. 

A transitional period was agreed upon to give individuals enough time to transition and meet the new requirements.

In this chapter, we look at the transitional periods provided as well as the requirements that must be met.

Chapter 10: The compliance function and Compliance Officer

In this chapter, we have a look at the role of the compliance officer, the working relationship between the compliance officer and other role-players, as well as the responsibilities and compliance requirements for appointment as a compliance officer.

We also consider the financial services providers' responsibility to implement and maintain a compliance function.

Chapter 11: Complaints and the FAIS Ombud

In this chapter, we look at the role and responsibilities of the FAIS Ombud. We also consider the type of complaints the Ombudsman may entertain and the proper procedure for submitting such complaints.

We continue to delve into the responsibility of the financial services provider in respect of resolving complaints.

Chapter 12: The General Code of Conduct

The general code of conduct, established under section 15 and 16 of the FAIS Act, provides details in terms of the proper conduct when providing financial services.

This chapter deals with how financial services should be rendered, what information need to be disclosed, how records should be kept and so forth.

Chapter 13: FICA and anti-money laundering legislation

In Chapter 13, we have a detailed look at the responsibility of the representative in terms of combating money laundering and related activities.

We'll consider these requirements, published under the Financial Intelligence Center Act, with particular emphasis on the requirements to keep records, identify your client, and report suspicious transactions.

Chapter 14: Recordkeeping in terms of FAIS, GCOC, and FICA

In this chapter, we summarise and compare the record-keeping requirements imposed by the Financial Advisory and Intermediary Services Act, the General Code of Conduct, and the Financial Intelligence Center Act.

RE5 outcomes mapping:

The RE5 exam is outcomes-based (results-based), and to pass, you must be able to prove competent in 8 outcomes. For best results, the Azandi RE5 preparation course is discussed per subject rather than per outcome. But to understand which chapters prepare you for the various outcomes is important, especially when preparing for a send or third attempt. 

The table below provides guidance on which Azandi Lesson / Chapter prepares you for which Outcome:

Integrated Activities:

The following activities have been incorporated to enhance your learning experience.

Course duration:

Enrolment will provide access to the course content for 8 months.

Learning time for an average learner is estimated to be 3 months.

Course  cost:

Total course cost amounts to R2 715.00 per learner

Additional Links:

Related posts and blogs: "Best RE5 study material 2020" - Read article

Link to course: Go to course