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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
Once registered with the appropriate court, a FAIS Ombud determination:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Has the effect of a civil judgment and can be enforced as such.Correct
- b) Is merely a suggestion the FSP may disregard.
- c) Becomes a criminal conviction with automatic jail time.
- d) Expires after one week and falls away.
Why this is the answer
A registered Ombud determination carries the force of a civil court judgment and can be enforced accordingly. It is binding, not a suggestion, and is a civil (not criminal) outcome.
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