All RE5 questions
FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
Julius is unhappy with a determination the FAIS Ombud made against him and believes the process was unfair. What is his correct 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) He may simply ignore the determination, as Ombud determinations are only advisory.
- b) He must lodge a fresh complaint with the same Ombud and ask for a different officer.
- c) He may apply for leave to appeal the determination to the Financial Services Tribunal.Correct
- d) Only the Registrar is empowered to overturn an Ombud determination.
Why this is the answer
A party aggrieved by an Ombud determination may apply for leave to appeal to the Financial Services Tribunal, which provides independent reconsideration. Ombud determinations are binding (with the force of a court order if registered), not advisory, and are not overturned simply by the Registrar.
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