All RE5 questions
FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
When giving its final decision on a client's internal complaint, what must the FSP do?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Respond verbally, with no obligation to give reasons.
- b) Respond in writing, give reasons for the decision, and inform the client of their right to refer the matter to the Ombud.Correct
- c) Keep the decision confidential from the client.
- d) Guarantee that the Ombud will uphold the FSP's decision.
Why this is the answer
The final decision must be in writing, give reasons, and inform the client of the Ombud-referral right. It cannot be merely verbal without reasons, cannot guarantee the Ombud's view, and obviously must be communicated to the client.
Want to test yourself on 700+ more questions like this?
Start your free RE5 simulator today — timed mock exams, full answer explanations and cloud-synced progress tracking.
More FAIS Ombud questions
- A client submits a written complaint to an FSP on 1 February (not a leap year). The FSP…
- A client's claim against an FSP would prescribe in two months. She lodges a complaint w…
- A complainant's loss is greater than the monetary limit of the FAIS Ombud's jurisdictio…
- Which statement correctly describes the FAIS Ombud's power to award costs?