RegulatoryExams
All RE5 questions
FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs

A client wants to approach the FAIS Ombud about a dispute. What must usually happen first?

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

  1. a) The client should first lodge the complaint with the FSP and give it a reasonable opportunity to resolve it internally.Correct
  2. b) The client must sue the FSP in the High Court before the Ombud will look at it.
  3. c) The client must obtain the FSCA’s written permission to complain.
  4. d) The client must pay the Ombud a large upfront fee.

Why this is the answer

The FAIS Ombud generally expects the complaint to have been referred to the FSP first, with a reasonable chance to resolve it internally, before the Ombud takes it up. The Ombud service is free to complainants and does not require prior litigation or FSCA permission.

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.

Start the free simulator Open the RE5 study guide

More FAIS Ombud questions