The absolute necessity to ensure that you take into account the qualifying criteria when preparing for the regulatory exams was highlighted in a recent comment from a candidate:
Whilst the feedback and information provided is highly appreciated, I am still of the opinion that the exam paper I had was not in line with Moonstone’s definition of RE5 exams for representatives as set out on page 11 of the Preparation Guideline.
“The level 1 regulatory examination for representatives focuses on those tasks, knowledge and skill criteria that describe what they are held responsible for in terms of the legislation. Remember that the representative actually gives advice and/or renders the intermediary service. The questions will thus focus on these activities that are performed by the representative”.
Firstly, one needs to point out that it is actually the FSB’s Preparation Guide, not Moonstone’s. We are merely an examination body, mandated by the FSB to make the exams available to candidates.
As an examination body, we have no insight into the exam papers, and are therefore unable to comment on specific questions. In general, though, we can confirm that the questions are drawn up specifically using the qualifying criteria (QC) as basis.
Task 1 of the QC for representatives, for example, stipulates that a representative should be able to “Describe the roles and responsibilities of the key individual.”
We referred the candidate to two documents to clarify this:
- The FSB published a document showing the number of qualifying criteria per task. This is an indication of where most of the questions are likely to come from. Tasks 1, 2, 3 and 7 make up 81% of the tasks, and should naturally form the most important part of your preparation.
- We also drew up a document titled Tips on writing the regulatory exams which provides guidelines on how to approach the exam when you sit down to write.
The candidate also indicated that, having failed for the second time, he would be debarred. We pointed out that being removed from the rep’s register, rather than being debarred, is a better option, where not passing the RE in time is concerned. Although he will not be allowed to provide advice or intermediary services whilst not on the register, he can simply be added back once he passes the exam, as opposed to the formal process of applying to the FSB for reinstatement after debarment.
Questions on the above and other RE matters can be addressed to faisexam@moonstoneinfo.co.za.
