The applicant requested a hearing before the Financial Services Tribunal after the Superintendent of Financial Services refused consent to withdraw funds from a locked-in account based on financial hardship.
The applicant had previously made a successful application based on low income within the preceding 12 months.
The Tribunal held that under the Regulation, only one application may be made during each 12-month period.
The Tribunal affirmed the Superintendent's refusal, as it had no authority to waive the regulatory requirements.
