Subject Title - INSETA

Self-Assessment Answers1. The function of the Ombud for Financial Services Providers (FAISOmbud) is to resolve disputes relating to the rendering of financialservices by providers:a) where they have failed to comply with the FAIS Actb) where as a result of either wilful or negligent conduct by theprovider the client has sufferedc) where as a result of either wilful or negligent conduct by theprovider the client will potentially suffer prejudice or damage.d) All the above2. The Ombud for Financial Services Providers (FAIS Ombud) ismandated to investigate and adjudicate complaints by clients againstFSPs and representatives.a) Trueb) False3. When investigating a complainta) The Ombud may implement any procedure includingmediation which he deems appropriate and may allow anyparty the right of legal representation in considering thecomplaint.b) The Ombud may not dismiss the complaint, even if he is ofthe view that the offer made by the FSP is fairc) If the complainant is unhappy with the Ombud'sdetermination he may appeal to the FSB, provided theOmbud gives permissiond) All the above4. Where a matter has not been settled or a recommendation has notbeen accepted by the parties, the Ombud shall make a determinationwhich may include dismissing the complaint or upholding thecomplaint, wholly or partially.a) Trueb) Falsei Section 2(b)(iii) of Board Notice 122 of 2003 read together with Section 8(1)(i) and (ii) ofthe Act270 © INSETA - Section 1 12a