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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs

What must a client do first before the FAIS Ombud will investigate a complaint against an FSP?

RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.

  1. a) Submit the complaint to the FSP’s internal complaints procedure first.Correct
  2. b) Engage an attorney to draft a letter of demand.
  3. c) Report the matter to the FSCA.
  4. d) Open a case with the police.

Why this is the answer

The Ombud rules require the client to lodge the complaint with the FSP first and allow it time (up to six weeks) to resolve it internally. Only then may the Ombud take the matter up. An attorney, the FSCA or the police are not the required first step.

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