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FAIS Ombud Dealing with complaints submitted to the Ombud for FSPs
What is the primary function of the FAIS Ombud?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) To resolve client–FSP disputes about financial services in a procedurally fair, informal and expeditious way.Correct
- b) To collect taxes on financial products for SARS.
- c) To set the prudential capital requirements for FSPs.
- d) To license new FSPs and approve their representatives.
Why this is the answer
The Ombud's primary function is to resolve client–FSP disputes fairly, informally and quickly. Setting capital rules, collecting tax and licensing FSPs are functions of other bodies (the Prudential Authority, SARS and the FSCA).
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