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Unit Standard No.12164Page 146

REMEDIES AVAILABLE TO THE INDUSTRY AND AVENUES FOR REINSTATEMENT FOR AN ORGANISATION

In terms of section 34 of the FAIS Act, the following section applies to FSP’s who wish to be reinstated, after being declared an undesirable practice by the registrar:

(5) The registrar may direct an authorised financial services provider who, on or after the date of the publication of a notice referred to in subsection (1), carries on the business practice concerned in contravention of that notice, to rectify or reinstate to the satisfaction of the registrar any loss or damage which was caused by or arose out of the carrying on of the business practice concerned.

(6) An authorised financial services provider concerned who is under subsection (5)

directed to rectify or reinstate anything, must do so within 60 days after such direction

is issued.

The remedies available in terms of the Act, by any person who feels aggrieved by a decision of the registrar, as seen above, is as follows:

Right of appeal

39. Any person who feels aggrieved by any decision by the registrar or the Ombud under this Act which affects that person may appeal to the board of appeal established by section 26(1) of the Financial Services Board Act, in respect of which appeal the said section 26 applies with the necessary changes.

INSMAT final materials31/10/03

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