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 Moonstone monitor 19 may 2011 re exam roundup

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Join date : 2011-03-30
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Location : Johannesburg

PostSubject: Moonstone monitor 19 may 2011 re exam roundup   Fri May 20, 2011 9:14 am


DVD of FSB Broadcasts

The FSB telematic broadcast on 12 May discussed very important matters about the 2011 compliance reports and financial statement returns from FSPs. It also contains an update on what is happening on the regulatory examination front, some of which is covered below.

We have obtained a copy of the broadcast and will make it available in DVD format to interested parties as in the past. The cost is still R100, and you can find details to order a copy by clicking here.

NB: We are unable to process your order if you do not provide us with payment details. You will understand that we receive over 300 orders per DVD, and to identify yours as one of the 300 entries in our account for R100 is rather tricky. Please also indicate very clearly which DVDs you require.

I have found it particularly useful while compiling content for this newsletter. Whereas one is obliged to make notes during a presentation, the DVD allows one to pause and rewind, which is very handy when the subject is not straight forward.

Updates from the FSB Presentation

There were a number of comments on the regulatory examinations as well, some of which we will publish below. The FSB has undertaken to post all the questions and answers on their website in about two week’s time.

The current status in terms of numbers is as follows:

Key Individuals:

There are currently 13 284 approved KIs, of whom 770 (5.79%) have actually written the regulatory examinations. The oldest to pass was 73 and the youngest 23.


There are 134 621 registered representatives, of whom 5085 (3.77%) actually wrote the REs. The oldest to pass is 72 and the youngest 20.

Pass rate/Pass mark:

Ms. Nortier stated that the pass rate is increasing, but did not provide more details. The FSB ascribes this to candidates being better prepared. She also indicated that the pass mark is 65%. Those writing the RE for representatives should note that the actual pass mark for them is 66%, as the total number of questions is 50, of which you need to get 33 right to pass.

Afrikaans Registration

At the time of broadcast (last Thursday) the total number of people who had registered numbered 460. The FSB will not comment until after the deadline for registration of 31 May. The decision based on information gleaned from the registration process will be conveyed to the industry via e-mail and letters.

Current status of other examinations

Trials will shortly be made available for level 2 examinations for Short-term and Pension Fund benefits. Level 1 examinations RE2 and RE3 are in the final stages of being piloted, and the dates will be published on the FSB website. We will, as in the past, provide you with links on this page.

Trials and Pilots

When the first trial and pilot examinations were made available there was reluctance from FSPs to get involved. This has since changed as people realised the advantages of taking part. We pointed out the advantages of experiencing the “look and feel” of the examinations to readers in the past, but Ms. Nortier raised another very important reason why one should write trials and pilots.

Participants have a direct influence on the standard and quality of the questions as they are asked to provide input and feedback after the trials and pilots. In the case of the latter, there is also an opportunity to help determine the time allowed for the examinations, something that had to be changed in the RE1 and RE 5 examinations.

Another important point made about the trials and pilots is the need to prepare properly. While one gets nothing but brownie points and an invite to the pilots for writing trials, it does assist greatly in setting the required levels for the examinations. The pilots, in the words of Ms. Nortier, will again be free, and should you pass, you qualify in respect of that specific examination.
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