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Format of Regulatory Exam Minimize
Extracted from FSB Preparation Guide  for Level 1 RE. Click here to download the full version of this document.

Type of examination

The regulatory examinations will be multiple choice questions based on specified qualifying criteria. Exams are closed book and no material will be allowed in the examination room.

There will be no limit on the number of attempts made in order to achieve competence. There will be one national version of any regulatory examination for any category or subcategory.

There is only one right answer to each question, so please read the questions and answers carefully. There is no negative marking, an answer is either right, or wrong.

You can choose to write exams electronically, or on paper. Exam bodies will indicate on their registration pages what method they make available.

The regulatory examinations aim on testing the application of factual knowledge in relation to-
  • the relevant legal provision as contained in the legislation, subordinate legislation and codes of conduct – Level 1
  • the rendering of financial services applicable to specific categories and subcategories of clients – Level 2

Qualifying criteria

The qualifying criteria provide the basis of knowledge and skills against which the regulatory examinations are set. The qualifying criteria were developed in a process of consultation between the FSB and industry representatives, spanning from 2006 to 2008.

Only questions based on these criteria will be included in the exams.

The qualifying criteria were published in Board Notice 105 of 2008, and amendments were published as below:

All these documents are available on the FSB website –
  • Click on the top right hand corner on FAIS
  • Select the link – Fit and Proper: All the relevant board notices are hosted on this page.
How do I read the qualifying criteria?
Each set of qualifying criteria are displayed in a table format with headings. Underneath the headings you will get the detail.

Question Development

Individual questions are based on one or more knowledge criteria, also taking into account the applicable skill.

Every task will be covered at least once in an examination. Therefore do not skip any of the tasks or the underlying knowledge criteria and skills, even if you do not think it is relevant to how your FSP operates.

It is important to ensure that you understand every task, and the knowledge and skill criteria related to it.

Each exam will contain questions at 4 different levels of complexity. These four levels deal with:

Each question has four options, and you must select the correct option. Questions can be posed in the following styles:
  • A direct closed ended question: the question must be answered by choosing the correct option
  • An incomplete sentence: the sentence must be completed correctly by choosing the correct option
  • The negative question: the negative option needs to be chosen. Applicant must be aware that these type of questions will be asked and therefore must read questions carefully
  • The most/best/least format: applicant must choose most applicable option to the question
  • Roman numeral format: A closed ended question where applicants must choose more than one correct option from a list of options
  • Sequencing: the options should be listed in the correct sequence

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