The RE1 at a glance

Questions

80Multiple choice, four options each

Time allowed

2h 30mMorning session only

Pass mark

65%52 of 80 (each question is 1.25%)

Tasks tested

16From the FSCA qualifying criteria

Format

Closed bookWritten on paper, no negative marking

Attempts

UnlimitedYou pay the exam fee for each sitting

Source: FSCA Preparation Guide for the regulatory examinations (RE1 and RE5), 17 January 2026, and the FSCA regulatory examinations FAQ.

Who must write the RE1?

The RE1 applies to FSPs, key individuals and compliance officers in Categories I, II, IIA, III and IV of FSPs. A key individual is the person responsible for managing and overseeing the rendering of financial services within an FSP. Moonstone also lists sole proprietors who manage and oversee their business as required to write it.

Some key individuals write an extra exam on top of the RE1: the RE3 for Category II and IIA (discretionary and hedge fund FSPs) and the RE4 for Category III (administrative FSPs). Each has 30 questions.

Representatives who give advice or render intermediary services write the RE5. See the comparison below.

What the RE1 tests

The RE1 is built on 16 tasks and their qualifying criteria, published in the FSCA Preparation Guide. Every exam covers each task at least once, so no task can be skipped, even if it does not seem relevant to how your FSP operates.

The questions are aimed at whether a key individual understands the aspects they are held accountable for under the legislation. The exam tests how you apply the FAIS Act, the General Code of Conduct and related legislation, not whether you can recite sections. Questions come in four levels: knowledge, understanding, application and analysis, in styles such as:

• Direct questions with one correct answer
• Sentences you complete by choosing the right option
• Negative questions, where you pick the option that is not correct
• “Most”, “best” or “least” questions
• Roman numeral questions, where more than one statement may be correct
• Sequencing questions, where you put steps in the correct order

How to prepare for the RE1

The FSCA is clear about how to prepare. Its guidance, from the Preparation Guide:

1. Start with the Preparation Guide. It maps every task and criterion to the legislation you must study.
2. Plan for at least 2 hours of study a day, working through 3 or 4 criteria at a time. The RE1 has 16 tasks, so give yourself enough weeks.
3. Read the legislation first, so you see the exact terms it uses. Then use training material to understand it, then read the legislation again.
4. Get used to the legal wording. Questions use the technically correct legal terms, because simplifying them would change their meaning.
5. On exam day, pace yourself: roughly 30 to 60 seconds for knowledge questions, up to 2 minutes for application and analysis questions.

Questions are based on the legislation itself, not on training material. The FSCA also advises candidates to avoid mock exam questions and says that workshops alone are not enough. Treat any course as a way into the legislation, not a replacement for reading it.

Sources: FSCA Preparation Guide (RE1 and RE5), 17 January 2026; FSCA regulatory examinations FAQ.

RE1 classes at Thuto Tutorials

Our facilitators take you through the full RE1 exam scope, in class at our Braamfontein and Dobsonville branches in Johannesburg, or online. If you want focused help on the areas you find hard, we also offer one-on-one sessions. Contact us to book one.

No course can pass the exam for you, and you still need to read the legislation. What a good class does is show you where to look, explain what the legal wording means, and keep you working to a schedule.

To get started, create an account and choose your RE1 course. In-person learners can continue to payment; online-only RE1 registrations are reviewed before payment. For class dates and branch details, contact us.

Choose how you study

Prices as listed on our learning platform. The exam fee is paid separately to Moonstone.

Booking and writing the RE1

Thuto Tutorials prepares you for the exam. The exam itself is booked, written and marked through Moonstone, and the exam fee is paid to Moonstone separately from any training.

1. Register on Moonstone's exam site, faisexam.co.za. Moonstone is the exam body appointed to deliver the regulatory exams for the FSCA. You will need your ID or passport number, your FSP number and your contact details.
2. Registration closes 11 working days before the exam date, and seats fill quickly. Choose the correct exam, date, time and venue.
3. Pay within 24 hours of registering, using the invoice number Moonstone sends you. Only Moonstone may take the exam fee.
4. Moonstone's registration notice of 1 October 2024 lists the fee as R1,300 including VAT per exam. The fee is set by the FSCA and can change, so confirm the current amount when you register.
5. On the day, bring your original ID, passport or valid driver's licence (copies are not accepted) and arrive at least 30 minutes before the start. Doors close 15 minutes before the exam begins.
6. Results are emailed within 20 working days, and you can view them and download your certificate on faisexam.co.za.

Source: Moonstone, Regulatory Examination Registration, Important Information (1 October 2024).

RE1 or RE5: which one do you need?

The RE1 is the key individual exam and the RE5 is the representative exam. They share the same format but test different roles. If you are unsure which applies to you, ask your FSP’s compliance officer or contact us.

RE1 questions, answered