All RE5 questions
FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
Before a client can refer a complaint to the FAIS Ombud, what is the mandatory first step?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The client must hire an attorney.
- b) The client must inform the FSCA.
- c) The client must first submit the complaint to the FSP's internal complaint resolution procedure.Correct
- d) The client must file a police report.
Why this is the answer
The FAIS Ombud Rules (Rule 6(a)) state that the Ombud will not investigate a complaint unless the client has first submitted the complaint to the FSP's internal complaints procedure and given the FSP six weeks to resolve it.
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