All RE5 questions
FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
After the FAIS Ombud issues a determination, what is the route for a party who disagrees with it?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Ignore it, since determinations are merely advisory.
- b) Petition the Minister of Finance to personally rewrite the determination.
- c) Apply for leave to appeal / reconsideration to the Financial Services Tribunal.Correct
- d) Re-lodge the identical complaint with the Ombud and hope for a different result.
Why this is the answer
A dissatisfied party may take the determination to the Financial Services Tribunal for reconsideration. Determinations are binding (enforceable like a court order once registered), not advisory, and the Minister does not rewrite them.
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