All RE5 questions
FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
An FSP disagrees with a final determination the Ombud has issued against it. What is its proper avenue of recourse?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Simply refuse to pay the compensation ordered.
- b) Lodge an internal appeal with its own key individual.
- c) Apply to the Financial Services Tribunal for a reconsideration.Correct
- d) Write a letter of complaint to the FSCA.
Why this is the answer
A party aggrieved by an Ombud determination may apply to the Financial Services Tribunal for reconsideration. It cannot lawfully ignore the determination, 'appeal' internally to its own KI, or sidestep the process by complaining to the FSCA.
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