RE5 is the first-level regulatory examination for representatives working in the financial-services industry.
It assesses whether a representative understands the legal and regulatory requirements that apply when providing advice or intermediary services to clients. The examination focuses on the representative’s duties, conduct and responsibilities when acting on behalf of an authorised FSP.
RE5 consists of 50 multiple-choice questions.
Because the pass mark is 65%, a candidate must obtain at least 33 correct answers out of 50 to pass.
RE5 is intended for representatives who provide advice or intermediary services in respect of financial products on behalf of an authorised FSP.
This may include representatives working in:
Short-term insurance.
Long-term insurance.
Banking and deposits.
Investments and wealth management.
Retirement funds.
Healthcare benefits.
Foreign-exchange investments.
Other regulated financial-product environments.
Certain representatives are exempt from writing RE5, including some representatives appointed only for specified Tier 2 products or limited functions. Candidates should confirm whether RE5 applies to their particular appointment with their employer or compliance officer. FSCA Regulatory Examinations FAQ
The RE5 preparation programme focuses on the regulatory responsibilities of representatives, including:
The role of a representative.
Advice and intermediary services.
Fit and Proper requirements.
Working under supervision.
Client disclosures.
Gathering and analysing client information.
Suitability of financial advice.
Record of advice requirements.
Conflicts of interest.
Confidentiality and the protection of client information.
Complaints procedures.
Compliance with the General Code of Conduct.
The duties of representatives towards clients and their FSP.
Debarment and reappointment requirements.
The consequences of non-compliance.
Candidates should also consult the FSCA’s current RE5 preparation material.