All RE5 questions
FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
The FAIS Ombud makes a final determination in a client's favour, and the FSP does not seek reconsideration. Which statements are correct? i) The determination binds the FSP. ii) It has the effect of a civil judgment. iii) It can be enforced through the court's processes. iv) It is only a recommendation the FSP may ignore.
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Statements i, ii and iiiCorrect
- b) All four statements
- c) Statements ii, iii and iv
- d) Statements i and ii
Why this is the answer
A final determination binds the FSP and has the effect of a civil judgment of the court that would have had jurisdiction, so it can be enforced through that court's processes. It is not a recommendation.
Want to test yourself on 700+ more questions like this?
Start your free RE5 simulator today — timed mock exams, full answer explanations and cloud-synced progress tracking.
More FAIS Ombud questions
- A client submits a written complaint to an FSP on 1 February (not a leap year). The FSP…
- A client's claim against an FSP would prescribe in two months. She lodges a complaint w…
- A complainant's loss of R4 million is greater than the monetary limit of the FAIS Ombud…
- Which statement correctly describes the FAIS Ombud's power to award costs?