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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs

The FAIS Ombud's Final Determination (ruling) against an FSP is considered legally equivalent to:

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

  1. a) An FSP's internal decision.
  2. b) A civil court judgment.Correct
  3. c) A media statement.
  4. d) A tax audit.

Why this is the answer

The FAIS Act (Sec 28(5)) gives the Ombud's Final Determination significant power. If not appealed, it is deemed to be a judgment of a civil court and can be enforced as such.

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