Section 40: Recovery of financial penalties
139.Where an approved regulator has not paid a financial penalty, the Board has the power to recover the penalty, and any interest, as a debt payable to the Board (sections 40(3) and 40(4)). If all or part of a penalty is not paid by the time specified, the unpaid balance carries interest (section 40(1)). Where an appeal is made by an approved regulator against a financial penalty, the penalty does not have to be paid until the appeal has been determined or withdrawn.
