Free RE5 Exam Practice Test 2026
200 original questions for the RE5 regulatory examination for FAIS representatives: the FAIS Act and FSP licences, the General Code of Conduct, the FIC Act, the Ombud for FSPs, fit and proper requirements and debarment. Four 50-question mock tests. Tuned for mobile. No account needed.
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The RE5 exam at a glance
The RE5 is the regulatory examination for representatives in all categories of financial services providers under South Africa's Financial Advisory and Intermediary Services (FAIS) Act, part of the fit and proper requirements set by the Financial Sector Conduct Authority (FSCA). According to the FSCA's January 2026 preparation guide, it has 50 multiple-choice questions with four options, to be answered in 2 hours, and the pass mark is 66% with no negative marking. It is a closed-book paper exam drawn from a central question bank, covers eight tasks from the FAIS Act and the General Code of Conduct to the FIC Act, the Ombud for FSPs and debarment, and can be written as many times as needed.
Tigertest has 200 RE5 practice questions with explanations, all free with no account required.
- Questions
- 50 multiple choice, four options (2% each)
- Time
- 2 hours
- Pass mark
- 66%, no negative marking
- Content
- 8 tasks on the FAIS Act, Codes of Conduct, FIC Act and Ombud
- Format
- Closed book, paper exam at a venue
- Attempts
- No limit
- Run by
- FSCA, through its mandated examination body
Updated by the Tigertest team. Practice questions follow FSCA Preparation Guide for Regulatory Examinations (RE 1 and RE 5), 17 January 2026, and the RE5 task map, checked November 2026. Exam rules change, so confirm current details with Preparation Guide for Regulatory Examinations (RE 1 and RE 5).
How It Works
Train One Task at a Time
Four training sets that follow the RE5 tasks: the FAIS Act, licence and key individuals; the General Code of Conduct; records, the FIC Act and the Ombud; and representatives and debarment. Questions you miss come back until you have mastered them.
Mixed Mock Tests
Four mock tests of 50 questions, the real length, with the real 66% pass line, each covering all eight tasks. No question appears in more than one test, and every answer is explained with the rule behind it.
Built on the Eight RE5 Tasks
The real RE5 is 50 questions in 2 hours, 66% to pass, drawn from a central bank so that every task appears at least once. The FSCA publishes no weight per task, so the split below is Tigertest's, led by how many qualifying criteria each task has.
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Share FeedbackHow to Pass the RE5 Exam
1. Read the legislation itself
The questions use the legal terms of the FAIS Act, the General Code of Conduct and the FIC Act, and the official guide warns that summaries alone are not enough. Work through the task map one qualifying criterion at a time and read the section it points to.
2. Know the definitions cold
Advice versus intermediary service, what is and is not a financial product, who counts as a representative, a key individual or a client, and what the Code calls a conflict of interest or a complaint. Many questions turn on one word in a definition.
3. Learn the Code of Conduct as a process
Disclosures before and during the service, the needs analysis and record of advice, replacement, client funds, complaints and termination. The Code of Conduct task has more qualifying criteria than any other task.
4. Watch for negative and most/best questions
The RE5 asks which option is not required, or which is the most appropriate, and some questions have more than one correct statement to combine. Read every option before you answer, and, as our own rule of thumb rather than an official figure, aim for 75% or better on every mock test before you book.
RE5 Exam Frequently Asked Questions
What is the RE5 exam?
The RE5 is the regulatory examination for representatives in all categories of financial services providers under South Africa's Financial Advisory and Intermediary Services (FAIS) Act. It is part of the fit and proper requirements set by the Financial Sector Conduct Authority (FSCA), and it tests whether a representative understands the law that governs the advice and intermediary services they give clients.
How many questions are on the RE5 and what is the pass mark?
According to the FSCA's preparation guide for the regulatory examinations (January 2026), the RE5 has 50 multiple-choice questions with four options each, to be answered in 2 hours. Each question is worth 2%, the pass mark is 66% (33 correct), and there is no negative marking. It is a closed-book paper exam, and you may write it as many times as you need to.
What does the RE5 cover?
Eight tasks: the FAIS Act as a regulatory framework and financial products, maintaining an FSP licence and undesirable practices, the role of the key individual, the General Code of Conduct (duties, conflicts of interest, disclosures, advice, client funds and complaints), record keeping, the FIC Act and money laundering control, the Ombud for FSPs, and operating as a representative (fit and proper, supervision and debarment). Every task appears at least once in each exam.
How are these mock tests built?
Each of the four mock tests has 50 questions, like the real exam, with the 66% pass line, and covers all eight tasks. The FSCA publishes no weight per task, so the split is Tigertest's, led by how many qualifying criteria each task has. The four training sets follow the tasks: the FAIS Act, licence and key individuals; the General Code of Conduct; records, the FIC Act and the Ombud; and representatives and debarment.
Are these the real RE5 questions?
No. Every question is original, written by Tigertest from the FAIS Act, the General Code of Conduct, the Determination of Fit and Proper Requirements (Board Notice 194 of 2017), the exemption for services under supervision, the FIC Act and the Financial Sector Regulation Act. It is free practice, not affiliated with the FSCA or the examination body, and it does not replace reading the legislation, which the official guide strongly advises.
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