Part 4Regulation of approved regulators
Financial penalties
I137Financial penalties
1
This section applies if the Board is satisfied—
a
that an approved regulator has failed to comply with a requirement to which this section applies, and
b
that, in all the circumstances of the case, it is appropriate to impose a financial penalty on the approved regulator.
2
This section applies to any requirement imposed on the approved regulator—
a
by rules under section 30 (internal governance rules),
b
by a direction given under section 32 (Board directions), or
c
by section 51 (control of practising fees charged by approved regulators) or by rules under that section.
3
The Board may impose a penalty, in respect of the failure, of such an amount as it considers appropriate, but not exceeding the maximum amount prescribed under subsection (4).
4
The Board must make rules prescribing the maximum amount of a penalty which may be imposed under this section.
5
Rules may be made only under subsection (4) with the consent of the Lord Chancellor.
6
A penalty under this section is payable to the Board.
7
In sections 38 to 40 references to a “penalty” are to a penalty under this section.