All RE5 questions
FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
A client receives a final written rejection of their complaint from their FSP on 1 March. What is the deadline for this client to refer the same complaint to the FAIS Ombud?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) 30 days from 1 March.
- b) 1 year from the date of the original advice.
- c) Six months from 1 March.Correct
- d) 5 years from the date of the transaction.
Why this is the answer
The FAIS Ombud Rules (Rule 7(3)) set a time limit (prescription period). The client must submit their complaint to the Ombud within six months from the date of the FSP's final response (or from the expiry of the six-week FSP response period).
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