Section 12 in Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016
12. Procedure where registration is refused.
(1)After considering an application made under regulation 3, if the Authority is of the opinion that a certificate should not be granted to the applicant, it may reject the application for reasons to be recorded in writing. The Authority may before rejecting the application give the applicant a reasonable opportunity of curing the deficiencies within a specified time period.(2)The decision of the Authority to reject the application shall be communicated to the applicant within thirty days of such decision.(3)Where an application for a certificate of renewal is rejected by the Authority, the applicant shall forthwith cease to act as a retirement adviser certified by Authority :Provided that nothing contained in this regulation shall affect the liability of the applicant towards the subscribers associated with it, under law.
