Training for FAIS Key Individuals (RE1)

This course is designed to help prepare for the Regulatory Examination for Key Individuals (RE1) as required by the Financial Advisory and Intermediary Services (FAIS) Act. Please note that this training focuses on equipping you with the essential knowledge and skills to sit the RE1 exam. The course does not include the exam itself, but after completing the training, you will be well prepared to take the RE1 exam independently.

A Key Individual plays a critical role in the financial services sector by overseeing and managing the activities of a Financial Services Provider (FSP), ensuring compliance with applicable legislation and regulatory requirements. The Regulatory Examination (RE1) for Key Individuals is designed to ensure that Key Individuals have the necessary knowledge and understanding of the FAIS Act and its subordinate legislation, as well as the Financial Intelligence Centre Act (FICA).

RE1 training is essential for all Key Individuals to ensure effective governance, compliance, and oversight within an FSP, and to uphold the integrity of the financial services industry. By successfully completing this training and passing the RE1 exam, Key Individuals demonstrate their competence, accountability, and commitment to ethical and professional conduct.

What will the course enable you to do?

After completing this course, you will have a holistic understanding of the regulatory framework governing FSPs in South Africa, which includes the following outcomes:

• Demonstrate understanding of the FAIS Act as a regulatory framework.
• Define financial products and financial services.
• Maintain the licence of the FSP.
• Operate as a Key Individual in terms of the FAIS Act.
• Manage and oversee the operational ability of the FSP.
• Adhere to the specific Codes of Conduct.
• Manage and oversee the compliance functions as required by the FAIS Act.
• Comply with regulated record-keeping requirements.
• Manage and oversee the accounting and auditing requirements.
• Manage and oversee the requirements of FICA and money laundering and terrorist-financing control regulations, as they apply to the FSP.
• Deal with complaints that have been submitted to the Ombud for FSPs.
• Define the role of the representative in terms of the FAIS Act.
• Manage and oversee the appointment of representatives.
• Manage the rendering of services under supervision.
• Manage and oversee the representatives appointed by an FSP.
• Debar representatives who have failed to comply with any provision of the FAIS Act in a material manner.

Who should register?

• Current or prospective Key Individuals preparing to write the RE1 examination.
• Representatives or managers transitioning into a Key Individual role.
• Anyone responsible for oversight, compliance, or management within an FSP.
• Anyone interested in gaining a comprehensive understanding of the FAIS regulatory environment at a Key Individual level.

By enrolling in the RE1 training, you are taking a significant step towards ensuring your compliance with FAIS regulations and strengthening your capability as a Key Individual. This training will equip you with the knowledge and skills necessary to effectively manage regulatory responsibilities and support the long-term success and compliance of your FSP.