1) When i give translated text with apostrophe on a field value rule, it renders ASCII symbols on UI.
Eg. Manager's approval
2) When I use GetLocalizedText control and refer a property inside, Is it possible to apply any style to the value that the property holds? The property value is defined by field value rule which contains a constant text.
For #1, which Pega version your application is on? I see similar HFix for "double quotes" in field value. We can search the hotfix for you once we know your Pega version.
For #2, You are talking about "GetLocalizedText" function. right? I could not find "GetLocalizedText" control on my system. I never tried your use case. But I think that it should be able to hold the style.
1. Just as a quick test, open the Validate activity rule(Rule-Obj-Fieldvalue), and observe whether the 3rd step (Filter rich text -description) is commented or not. If not, could you try commenting the same and checking the usecase
2. Please try using pxLocalizedText control, where you can get an option to configure control format and label format.