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FAIS Act FAIS Act and Subordinate Legislation
A representative is notified of her debarment on 1 March. The notice contains the full grounds and reasons, and she does not ask for any further reasons. By when must she apply to the Financial Services Tribunal for reconsideration?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Within 60 days after she was notified of the decision.Correct
- b) Within 30 days after she was notified of the decision.
- c) Within 15 days after she was notified of the decision.
- d) Within six months after she was notified of the decision.
Why this is the answer
An application for reconsideration must be made within 60 days after the person was notified of the decision. Only where the person asked for reasons (which must be done within 30 days of notification) does a different period apply: 30 days after the statement of reasons is given. Six months is the Ombud referral period and 15 days relates to register updates.
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