Representation against proposed administrative action

(1) A financial institution that receives a notice under section 23 may, within twenty-eight days of the date of the notice, or such longer period as the competent authority, in special circumstances, may authorise, send written representations to the competent authority– (a) denying that it has committed the alleged administrative violation or disputing the facts of the alleged administrative violation; or (b) providing reasons that it considers justify the imposition of a lower penalty. (2) Representations made other than in accordance with sub- section (1) may not be considered by the competent authority. Appeal Board. CAP. 55.