(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.