The Financial Services Tribunal, previously the FSB Appeal Board, published a new set of rules on 29 March 2019. The Financial Services Tribunal Rules (Rules) sets out the rules and procedures to be followed in an application for reconsideration of a “decision” by the “decision-maker” which has been defined in section 218 of the Financial Sector Regulation Act.
In terms of the new Rules, an application for reconsideration must be made:
a) Within 30 days after receiving the reasons for the decision from the decision-maker, if the applicant requested reasons; or
b) In all other cases, within 60 days after the applicant was notified of the decision or such longer period provided good cause is shown.
What must the application contain?
The application for reconsideration must contain the decision letter and statement of reasons including any annexures provided to the applicant by the decision-maker.
It must also include the full particulars of the grounds on which the application is based and, if the application is filed out of time, it should include the aspect of condonation.
For an application for reconsideration to be valid, it must cite all other parties to the decision.
Format of application
The Rules contain the format in which the application for reconsideration must be drafted. This is prescribed in Form A or B as contained in the Rules.
- Form “A” must be used if the decision is in favour of another party.
- Form “B” must be used where the decision affects only the applicant.
- The Rules also contain Form “C” which must be used where the FAIS Ombud refuses leave to appeal in terms of S28(5)(b)(ii) of the FAIS Act.
Lodgement of the application
An application for reconsideration must be lodged with the Secretariat of the Financial Services Tribunal and all the other parties to the decision.
Once the application for reconsideration has been submitted to the Secretariat, there are a number of other processes which follow.