Regulation 9 Revocation, or suspension, of approval of a money adviser

(1)

The DAS administrator shall revoke the approval of a money adviser where MATRICS certify that the adviser is no longer recommended for approval by the DAS administrator as a money adviser.

(2)

The DAS administrator may revoke the approval of a money adviser where–

(a)

an adviser for a debtor fails without good cause to respond to a requirement by the DAS administrator for the adviser to provide evidence or information relating to the operation of the debt payment programme of the debtor; or

(b)

in the opinion of the DAS administrator the adviser–

(i)

has failed without good cause to carry out a function of an adviser under the Act or these Regulations; and

(ii)

continues to fail to carry out that function, after 2 weeks from the date of written notice to the adviser of that failure.

(3)

The DAS administrator shall suspend the approval of a money adviser for a period of 6 months, where MATRICS certify that the adviser is temporarily unable to carry out the functions of an adviser under the Act or these Regulations.