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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
A pensioner wants to complain about her adviser but cannot afford legal fees. Which statement about the FAIS Ombud is correct?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) She may use it only if the FSP consents to the Ombud's involvement.
- b) She needs an attorney.
- c) It is free to complainants, and no lawyer is needed.Correct
- d) She must pay a lodging fee based on the size of her claim.
Why this is the answer
The FAIS Ombud offers an informal, accessible alternative to litigation that is free of charge to complainants, who do not need legal representation. The FSP's consent is not required for the Ombud to deal with a complaint within its jurisdiction.
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