Section 230 of the Financial Sector Regulation Act states that a person aggrieved by “a decision” may apply to the Financial Services Tribunal (FST) for a reconsideration of the decision.
But before filing a reconsideration application, you should ensure that action about which you are aggrieved is, in fact, “a decision” that the tribunal can reconsider. These decisions are listed in section 218 of the FSRA.
This was highlighted by the FST when it dismissed a reconsideration application by a security company.
A former employee complained to the Pension Funds Adjudicator about her termination benefit paid by the Private Security Sector Provident Fund.
The Adjudicator found that the complainant was owed arrear contributions, and it issued a detailed order in respect of the participating employer and the fund.
Among other things, the Adjudicator ordered the fund to reconcile its records with the employer in respect of the contributions paid and advise the employer of the outstanding amount.
The fund calculated the outstanding contributions, but the employer did not pay the amount. Instead, it applied for a reconsideration.
The FST said the application had nothing to do with the correctness of the Adjudicator’s decision. The employer sought to have the fund’s reconciliation adjusted because it believed it was incorrect.
The FST said the reconciliation by the fund, which was performed in accordance with the Adjudicator’s decision, was not a “decision” as defined by the Act; therefore, the tribunal did not have the jurisdiction to reconsider it.
The application was dismissed.
