All RE5 questions
Consumer Protection PPRs Insurance
The FSCA withdraws an FSP's licence. In an unrelated matter the FAIS Ombud makes a final determination against the same FSP. Where may the FSP apply to have each decision reconsidered?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The first at the FAIS Ombud, the second at the FSCA
- b) The first at the Tribunal, the second only at the High Court
- c) Both at the Financial Services TribunalCorrect
- d) Both at the Prudential Authority
Why this is the answer
The Financial Sector Regulation Act created the Financial Services Tribunal to reconsider decisions of financial sector regulators and of the FAIS Ombud. The Prudential Authority is a regulator, not a review body, and the Ombud and the FSCA do not reconsider each other's decisions.
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