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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
The FAIS Ombud receives a complaint from a client who has never raised the matter with the FSP concerned. What happens to the complaint?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The Ombud rejects it permanently, and the client loses the right to complain.
- b) The Ombud will not proceed with it until the FSP has been given the opportunity to resolve it.Correct
- c) The Ombud investigates it at once, because a complaint may be lodged with either body first.
- d) The Ombud refers it to the Authority, which decides whether the FSP must respond.
Why this is the answer
The Ombud deals with a complaint only once the FSP has had the chance to resolve it: the complaint goes to the FSP, which has six weeks. If it is not resolved to the client's satisfaction, the client may then come back to the Ombud. The complaint is not lost, and the Authority has no part in deciding individual complaints.
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