RECOGNITION OF PRIOR LEARNING (RPL)
The Programme is a method of assessing evidence of competence that can lead to credits and qualification; it looks at competence obtained through reading, research or workplace experience, and is an assessment to see whether the candidate meets the relevant NQF level standard.
The programme is designed for individuals working in credit services, generic management, sales and teller services who has gained a wealth of work experience and knowledge without gaining a formal qualification.
FAIS and Regulatory Examinations Learning Material
The Financial Advisory and Intermediary Services Act, 37 of 2002, (“the FAIS Act”), came into effect on 30 September 2004 with the objective to protect consumers, and professionalize the financial services industry. Regulatory examination is an accepted international practice and standard to set professional examinations for professions within the financial sector. BANKSETA and INSETA facilitate the examination process for both RE 1 and RE 5
Regulatory Exam 1
This is a general examination that applies to all key individuals and sole proprietors in all the categories. This examination consists of 80 questions. All sole proprietors and key individuals who are responsible for managing and overseeing a business relating to the rendering financial services for FSPs in Category I, II, IIA, III and IV are required to write this examination.
Regulatory Exam 5
This is for all Representatives, including those employed or mandated by an FSP, who render a financial service to a client (excluding a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity which does not require judgment or does not lead to a specific transaction in respect of a financial product in response to general enquiries) are required to write this examination.
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“BANKSETA would like to thank the industry for their input into the updated RE study materials. All errata communicated to us has been addressed and the updated manuals can be found on our website. Candidates are reminded that the study materials should be used in conjunction with the relevant legislation ( statutes and Board notices) in preparation for the regulatory examination.”