Fake Regulatory Examination certificates – A warning for FSPs

The Financial Sector Conduct Authority (FSCA) issued a public warning on 6 October 2026 concerning
the alleged unauthorised production and sale of Regulatory Examination (RE) certificates.
The warning relates to Mr Sandile Arnold Ngubane and EduMe with Sandile November (Pty) Ltd, which
allegedly offered RE certificates bearing the branding of the FSCA and Moonstone Information
Refinery. The services were reportedly marketed through Facebook and WhatsApp.
The FSCA confirmed that Moonstone is currently the only approved examination body authorised to
administer the relevant Regulatory Examinations and issue the associated certificates. Although other
training providers may legitimately offer RE preparation courses, they are not authorised to issue RE
certificates.
What should FSPs take note of?
While the warning is directed at candidates and the public, it also serves as an important reminder to
FSPs of their responsibility to verify the credentials of representatives and Key Individuals.
FSPs should consider the following:

• • Verify RE certificates: Do not simply accept a certificate submitted by a prospective representative
    or KI at face value. Where necessary, confirm its authenticity directly with Moonstone.

• • Be cautious of third-party certificates: RE certificates purportedly obtained through training
    providers, social media or other intermediaries should raise concerns and warrant further
    investigation.

• • Review recruitment procedures: Ensure that the verification of RE certificates forms part of the FSP’s
    recruitment and Fit and Proper assessment processes.

• Address suspected fraudulent certificates: Where a certificate is suspected to be fraudulent,
  investigate the matter and consider the appropriate regulatory implications, including whether
  debarment proceedings may be required.
  The FSCA has previously highlighted instances where representatives who submitted fraudulent RE
  certificates were simply removed from an FSP’s representative register without formal debarment
  proceedings, allowing them to seek employment with other FSPs.
  Ultimately, verifying RE certificates should not be a tick-box exercise. FSPs must take reasonable steps
  to establish that representatives and KIs genuinely meet the applicable Fit and Proper requirements,
  rather than relying solely on documents presented to them.