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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
A client lodges a written complaint with an FSP on 1 February. The FSP acknowledges it the next day but has not given a final response. On 10 March the client sends the complaint to the FAIS Ombud. What is the position?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The Ombud must accept it, because the FSP has not resolved it.
- b) It is premature: the FSP's six weeks run until 15 March.Correct
- c) The Ombud must accept it, because an acknowledgement ends the FSP's time.
- d) The Ombud may not accept it until three months have passed since 1 February.
Why this is the answer
The FSP has six weeks from receiving the complaint to resolve it, which from 1 February ends on 15 March. Until then the matter is still with the FSP. If it is not resolved by then, the client may refer it to the Ombud. An acknowledgement does not end the FSP's time, and there is no three-month wait.
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