RE5 Topic 2 Quiz 1

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Question 1 of 5

1. Question
Jan is not happy as the insurer did not pay out his accident third party claim as he submitted the claim late as he was unaware of the submission period. The complaint was not resolved where can he take it next?
- A) FAIS Ombud
- B) Ombud for Short term insurance
- C) Ombud for Long term insurance
- D) South African Reserve Bank
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Question 2 of 5

2. Question
The FAIS Ombud plays an important role in resolving disputes regarding the rendering of financial services. Which one of the following statements is correct?
- A) The FAIS Ombud takes direct instruction from the Authority.
- B) The amount of alleged loss or damage arising from any dispute may not exceed R1 000 000.
- C) The Ombud investigates and adjudicates complaints lodged against representatives.
- D) The Ombud’s role is to ensure systemic stability within the financial services industry.
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Question 3 of 5

3. Question
Choose the incorrect option. In which of the following instances will the FAIS ombud summary dismiss a complaint.
- A) Client A submitted a complaint with the FSP and the FSP has offered to compensate the client for the loss suffered, but the client does not want to accept this offer.
- B) Client B submitted a complaint were the loss caused was 8 years ago, but the client only became aware of the loss 4 years ago.
- C) Client C submitted a complaint with the Ombud however, the Authority already has started enforcement action against the applicable FSP.
- D) Client D submits a complaint again with the Ombud as the client is not satisfied with the outcome of the previous proceedings.
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Question 4 of 5

4. Question
An FSP cannot resolve a complaint within 3 weeks of receipt of complaint, what must the FSP do in this regard?
- A) The FSP must inform the complainant that a resolution cannot be given within the specified time frame and the matter is to be referred to the Ombud.
- B) The FSP must send to the complainant a written acknowledgment of the complaint with contact refences of the FSP.
- C) The FSP must provide the Ombud with the full details of the complaint and request intervention in the matter.
- D) The FSP must contact the resolution department of FSCA to request assistance with resolution of the matter.
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Question 5 of 5

5. Question
What is the maximum monetary award that the FAIS ombud can award a client if not exceptions regarding the limit of losses are applicable?
- A) R 800 000 + interest from date of determination
- B) R 800 000 + interest from date of loss
- C) R 800 000 + interest from date of determination + cost awards
- D) R 800 000 + interest from date of loss + costs awards
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RE5 Topic 2 Quiz 1

RE5 Topic 2 Quiz 1

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RE5 Topic 2 Quiz 1

RE5 Topic 2 Quiz 1

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