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Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)

12. Suspension, reinstatement or withdrawal of recognition

 

 

(1) The Council may at any time suspend or withdraw recognition—
(a) on application by the scheme;
(b) if the scheme has ceased to function; or
(c) if the scheme no longer complies with any provision of this Act.

 

(2) The Council may reinstate the recognition of a suspended scheme if the reason for the suspension no longer exists.

 

(3) The registrar must in the prescribed manner publish a notice of suspension, reinstatement or withdrawal of recognition in the Gazette.

 

(4) A suspension or withdrawal of recognition for the reasons contemplated in paragraphs (b) and (c) of subsection (1)—
(a) may only be made after the scheme in question has been afforded a reasonable opportunity to be heard; and
(b) is subject to an appeal by the scheme in question to the board of appeal established by section 26(1) of the Financial Services Board Act.

 

(5) For the purposes of an appeal contemplated in subsection (4)(b) the provisions of section 26 of the Financial Services Board Act apply with the necessary changes.