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RE5 — Representatives

6 weeks 9 modules 27 lessons 9 quizzes about 6 hours of study Self-paced

Preparation for the RE5 regulatory examination for representatives in all categories of FSPs. Six weeks that follow the FSCA qualifying criteria task by task, with plain-language notes, the sections of the law to read, a quiz after each module and timed mock exams.

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What you'll learn

  • Explain what the FAIS Act regulates and what counts as advice, an intermediary service and a financial product
  • Explain what a representative does to help the FSP keep its licence, and what undesirable practices are
  • Apply the General Code of Conduct: disclosures, conflicts of interest, suitable advice, client money and complaints
  • Keep the records the FAIS Act, the Code and FICA require
  • Meet your FICA duties when you deal with a client, including reporting and not tipping off
  • Explain the fit and proper requirements, supervision and debarment that apply to you as a representative

Course plan

Plan about 3 hours this week
  • Lessons and videos 59 min
  • Re-read your notes 44 min
  • Quizzes, practice and review 1½ hours
Module 1

The FAIS Act as a regulatory framework

Exam task 1. How the RE5 works, what the FAIS Act regulates, the words the exam uses, and the compliance officer.

By the end of this module you can
  • Describe the FAIS Act and its subordinate legislation
  • Give an overview of the financial services and financial products a representative can deal with
  • Apply your knowledge of financial products in the financial services environment
  • Describe the role and function of a compliance officer
Plan about 3½ hours this week
  • Lessons and videos 1 hour
  • Re-read your notes 47 min
  • Quizzes, practice and review 1½ hours
Module 2

Helping the FSP keep its licence

Exam task 2. The licence, its conditions, suspension, withdrawal and lapsing, undesirable practices and FAIS offences.

By the end of this module you can
  • Explain the requirements an FSP must meet to keep its licence
  • Help keep the licence by doing what the Act requires of you as a representative
  • Discuss the rules on displaying the licence
  • Explain what undesirable practices are and what happens if they continue
  • Describe the offences in the FAIS Act
  • 🔒 The FSP licence 14 min
  • 🔒 Undesirable practices and offences 10 min
  • 🔒 Worked exam questions: the FSP licence 6 min
  • 🔒 Quiz: Module 2 check 10 min
Module 3

The key individual

Exam task 3. Who the key individual is, what they oversee, and what happens if they stop meeting the requirements.

By the end of this module you can
  • Describe the roles and responsibilities of key individuals as defined in the FAIS Act
  • Describe the regulated management and oversight responsibilities of a key individual
  • Explain the implications for a representative if a key individual no longer meets the honesty, integrity and good standing requirements
  • 🔒 What a key individual does 12 min
  • 🔒 Quiz: Module 3 check 10 min
Plan about 3½ hours this week
  • Lessons and videos 1 hour
  • Re-read your notes 50 min
  • Quizzes, practice and review 1½ hours
Module 4

The General Code of Conduct: duties and disclosures

Exam task 4 (part 1). Your general and specific duties, conflicts of interest, and what you must tell clients about the provider, the product supplier and the product.

By the end of this module you can
  • Describe the general and specific duties of a provider
  • Describe what could be a conflict of interest
  • Explain the disclosures a representative must make before and when rendering a financial service
  • Explain the specific disclosure requirements for fees and commission
  • 🔒 The general duty and specific duties 12 min
  • 🔒 Conflicts of interest 12 min
  • 🔒 Disclosures about the provider and the product supplier 10 min
  • 🔒 Disclosures about the product, fees and commission 15 min
  • 🔒 Worked exam questions: duties, conflicts and disclosures 7 min
  • 🔒 Quiz: Module 4 check 10 min
Plan about 3 hours this week
  • Lessons and videos 56 min
  • Re-read your notes 42 min
  • Quizzes, practice and review 1½ hours
Module 5

The General Code of Conduct: advice, client money, advertising and complaints

Exam task 4 (part 2). The advice process and record of advice, custody of client money, advertising and direct marketing, complaints and ending the relationship.

By the end of this module you can
  • Explain the process of advice a representative must follow
  • Explain the requirements when a representative receives custody of financial products and funds
  • Explain how complaints must be handled, and follow the complaints procedures
  • Explain the Code's requirements on termination of an agreement
  • 🔒 The advice process and the record of advice 15 min
  • 🔒 Client money, advertising and direct marketing 12 min
  • 🔒 Complaints and ending the relationship 13 min
  • 🔒 Worked exam questions: advice, client money and adverts 6 min
  • 🔒 Quiz: Module 5 check 10 min
Plan about 5 hours this week
  • Lessons and videos 55 min
  • Re-read your notes 41 min
  • Quizzes, practice and review 1½ hours
  • A timed mock exam 2 hours
Module 6

Record keeping

Exam task 5. What the FAIS Act, the General Code and FICA require you to keep, how and for how long.

By the end of this module you can
  • Explain the record-keeping obligations of a representative under the FAIS and FIC Acts
  • Carry out record keeping and the retrieval of records correctly
  • 🔒 What to keep and for how long 12 min
Module 7

FICA for representatives

Exam task 6. Why an FSP is an accountable institution, knowing your client, and reporting without tipping off.

By the end of this module you can
  • Explain the requirements of the FIC Act that apply to an FSP
  • Describe how the FIC Act affects your interaction with a client
  • 🔒 Knowing your client under FICA 15 min
  • 🔒 Reporting, tipping off and penalties 12 min
  • 🔒 Worked exam questions: records and FICA 6 min
  • 🔒 Quiz: Modules 6 and 7 check 10 min
Plan about 6 hours this week
  • Lessons and videos 1½ hours
  • Re-read your notes 59 min
  • Quizzes, practice and review 1½ hours
  • A timed mock exam 2 hours
Module 8

Complaints to the FAIS Ombud

Exam task 7. The FAIS Ombud's role, when it may not investigate, and what its determinations mean.

By the end of this module you can
  • Explain the role and authority of the Ombud for FSPs
  • 🔒 The Ombud's role and limits 12 min
  • 🔒 Quiz: Module 8 check 10 min
Module 9

Operating as a representative

Exam task 8. Who must be appointed as a representative, the register, the fit and proper requirements, supervision and debarment.

By the end of this module you can
  • Describe the roles and responsibilities of representatives as defined in the FAIS Act
  • Distinguish between advice and intermediary services
  • Explain the fit and proper requirements that apply to a representative
  • Explain when a representative should be under supervision, and the disclosure required
  • Describe the purpose of debarment, when it is considered, the process, and the recourse available
  • 🔒 Who is a representative, and the register 10 min
  • 🔒 Fit and proper requirements 15 min
  • 🔒 Supervision and debarment 15 min
  • 🔒 Worked exam questions: representatives and debarment 6 min
  • 🔒 Quiz: Module 9 check 10 min

Final review

  • 🔒 RE5 practice test 10 min
Danley

Plain-language preparation for the FSCA RE5 regulatory exam.

Exam preparation only. Danley does not give financial advice and does not set, run or mark the regulatory examinations: you register and write them through the FSCA's examination bodies. Danley is not affiliated with or approved by the FSCA, Moonstone or FPI. © 2026 Danley.