Whether you get a PC depends on an algorithm. WIth 48 I think you need a session WAM of 53 or a prior WAM of 55...you can look it up. The GP probably means that they haven't applied the algorithm yet. I think that they need to do that manually for people with deferreds.
(In maths it could also mean that you got 48 at your first attempt (in 2nd or 3rd year) and they gave you an additional assessment, but they haven't marked it yet. I don't think they do that in psych?)
They won't turn a 48 into a pass. PC's don't matter too much except that you can't count too many in your degree. After you have 18UOC of PCs they won't give you any more.