An institution may appeal the decision of the Director or Supervisory Body. The appeal must be lodged within 30 days of receiving the sanction notice.
The appellant must, with the appeal, pay a fee of R10 000 to the FIC – Regulation 27C(d).
If the Appeal Board sets aside the decision of the FIC or Supervisory Body, the R10 000 must be refunded to the appellant – S45D (10)(a).
Further information concerning the appeal process can be found on FIC’s website: