All RE5 questions
FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
An FSP disputes both a licence decision of the FSCA and a determination of the FAIS Ombud. Which body can reconsider each decision?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The High Court for the first, the FSCA for the second
- b) The FAIS Ombud for the first, the FSCA for the second
- c) The Financial Services Tribunal, for bothCorrect
- d) The Prudential Authority, for both
Why this is the answer
The Financial Services Tribunal reconsiders decisions of the financial sector regulators, including the FSCA, and determinations of the FAIS Ombud. Neither the Ombud nor the FSCA reconsiders the other's decisions, and the Prudential Authority is a regulator, not a review body.
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