39Appeals against financial penaltiesE+W
(1)An approved regulator on whom a penalty is imposed may appeal to the court on one or more of the appeal grounds.
(2)The appeal grounds are—
(a)that the imposition of the penalty was not within the power of the Board under section 37;
(b)that any of the requirements of section 38 have not been complied with in relation to the imposition of the penalty and the interests of the approved regulator have been substantially prejudiced by the non-compliance;
(c)that the amount of the penalty is unreasonable;
(d)that it was unreasonable of the Board to require the penalty imposed or any portion of it to be paid by the time or times by which it was required to be paid.
(3)An appeal under subsection (1) must be made—
(a)within the period of 3 months beginning with the day on which the notice under section 38(5) is given to the approved regulator in respect of the penalty, or
(b)where the appeal relates to a decision of the Board on an application by the approved regulator under section 38(6), within the period of 3 months beginning with the day on which the approved regulator is notified of the decision.
(4)On any such appeal, where the court considers it appropriate to do so in all the circumstances of the case and is satisfied of one or more of the appeal grounds, the court may—
(a)quash the penalty,
(b)substitute a penalty of such lesser amount as the court considers appropriate, or
(c)in the case of the appeal ground in subsection (2)(d), substitute for any time imposed by the Board a different time or times.
(5)Where the court substitutes a penalty of a lesser amount it may require the payment of interest on the substituted penalty at such rate, and from such time, as it considers just and equitable.
(6)Where the court specifies as a time by which the penalty, or a portion of the penalty, is to be paid a time before the determination of the appeal under this section, it may require the payment of interest on the penalty, or portion, from that time at such rate as it considers just and equitable.
(7)Except as provided by this section, the validity of a penalty is not to be questioned by any legal proceedings whatever.
(8)In this section “the court” means the High Court.