RE1 is the first-level regulatory examination for FSPs and key individuals in all categories of financial services providers.
It focuses on the responsibilities involved in managing or overseeing the provision of financial services. The examination requires a broader understanding of the regulatory framework because key individuals are responsible for ensuring that the financial services under their control are managed properly and compliantly.
RE1 consists of 80 multiple-choice questions.
RE1 is intended for:
Sole proprietor FSPs.
Approved or prospective key individuals.
People responsible for managing or overseeing financial services.
Certain compliance officers where the examination is applicable to their role.
Individuals preparing to apply for approval as a key individual.
Managers who need a stronger understanding of an FSP’s regulatory responsibilities.
Key individuals in certain FSP categories may also be required to complete an additional category-specific regulatory examination.
Candidates should confirm the examinations applicable to their role with their employer, compliance officer or the FSCA.
The RE1 preparation programme focuses on the responsibilities of an FSP and key individual, including:
The role and responsibilities of a key individual.
The authorisation and licensing of an FSP.
Changes to an FSP’s licensing information.
The appointment and management of representatives.
Fit and Proper competency requirements.
Operational ability and financial soundness.
Compliance arrangements and compliance monitoring.
Recordkeeping and reporting responsibilities.
Complaints-management requirements.
Conflicts of interest.
Risk management and internal controls.
Services rendered under supervision.
Debarment and reappointment.
Regulatory powers and enforcement.
The responsibilities of an FSP when its business or licence changes.
The programme follows the applicable RE1 qualifying criteria and official preparation framework. Candidates should also consult the FSCA’s current RE1 preparation material.