48.1(1)A regulator shall be recognized by the Tribunal as an expert with respect to any decision made by the regulator under financial and consumer services legislation.
48.1(2)When a decision made by a regulator is subject to a review by the Tribunal or an appeal to the Tribunal, the Tribunal may do the following:
(a)
when, in the opinion of the Tribunal, the decision is reasonable, confirm the decision; and
(b)
when, in the opinion of the Tribunal, the decision is unreasonable,
(i)
revoke the decision and substitute a decision that, in the opinion of the Tribunal, is reasonable,
(ii)
refer the decision back to the regulator for reconsideration, or
(iii)
refer the matter back to the regulator for a rehearing in whole or in part, in accordance with any directions the Tribunal considers proper.
48.1(3)When a decision is referred back to the regulator under subparagraph (2)(b)(ii), the regulator shall reconsider and confirm, vary or set aside the decision as the regulator considers appropriate.
48.1(4)When a matter is referred back to the regulator under subparagraph (2)(b)(iii), the regulator shall rehear the matter and confirm, vary or set aside the decision as the regulator considers proper.