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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
An FSP is notified of a final determination of the FAIS Ombud on 2 June. It does not ask for reasons. On 15 September it applies to the Financial Services Tribunal for reconsideration. Is the application in time?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Yes. An application may be made within six months of the decision.
- b) Yes. There is no time limit for challenging a determination.
- c) No. It had to be made within 60 days of the notification.Correct
- d) No. It had to be made within six weeks of the decision.
Why this is the answer
A person aggrieved by a decision may apply to the Tribunal for reconsideration within 60 days of being notified of it (or within 30 days of receiving reasons, where reasons were requested). From 2 June that period ended at the start of August. Six months and six weeks are periods from the complaints process, not from the Tribunal process.
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