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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
Which statement about the FAIS Ombud's jurisdiction is correct?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The Ombud deals with complaints against FSPs/representatives up to a prescribed monetary limit and subject to time limits for lodging.Correct
- b) The Ombud has unlimited jurisdiction over any dispute of any value with no time limits.
- c) The Ombud may hear only criminal matters, not financial-service complaints.
- d) The Ombud hears complaints only against banks, never against FSPs.
Why this is the answer
The FAIS Ombud resolves complaints against FSPs and representatives, subject to a prescribed monetary jurisdiction limit and time limits for bringing a complaint. It is a conduct dispute-resolution body, not a criminal court, and it is focused on FSPs.
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