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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
Which body provides independent reconsideration of decisions such as an Ombud determination or certain regulator decisions?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The Financial Services Tribunal.Correct
- b) The product supplier’s board.
- c) The FSP’s own complaints department.
- d) The marketing department of the FSCA.
Why this is the answer
The Financial Services Tribunal provides independent reconsideration of certain decisions, including Ombud determinations and specified regulator decisions. An FSP's internal departments cannot perform that independent review.
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