§ 299 — Financial penalties, etc.

299.—(1) Where any financial penalty is imposed on a holder of an FSSA authorisation under the provisions of this Act, for contravening or not complying with —

(a)

any condition attached to the FSSA authorisation;

(b)

any provision of this Act applicable to the holder of the FSSA authorisation so far as that relates to the activity covered by the authorisation; or

(c)

any provision of a code of practice applicable to the holder of the FSSA authorisation so far as that relates to the activity covered by the FSSA authorisation,

any performance bond, guarantee or other form of security furnished by the holder must not be forfeited by the Agency for that contravention or non‑compliance except to the extent to pay the financial penalty.

(2) All financial penalties imposed under this Act because of regulatory action, and any moneys under a performance bond, deposit or other form of security forfeited under regulatory action for the purpose of meeting any financial penalty so imposed must be collected by the Agency and paid into the Consolidated Fund.

(3) The Agency may recover as a debt in a court of competent jurisdiction any of the following amounts that has become due and payable but has not been paid:

(a)

any fee imposed under any provision of this Act in respect of an FSSA authorisation;

(b)

any financial penalty imposed under any provision of this Act in respect of a holder or former holder of an FSSA authorisation,

and the liability of the holder or former holder concerned to pay is not affected by the holder’s or former holder’s FSSA authorisation ceasing (for any reason) to be in force.

(4) All financial penalties recovered under subsection (3) must be paid into the Consolidated Fund.

—(1) Where any financial penalty is imposed on a holder of an FSSA authorisation under the provisions of this Act, for contravening or not complying with —

(a)

any condition attached to the FSSA authorisation;

(b)

any provision of this Act applicable to the holder of the FSSA authorisation so far as that relates to the activity covered by the authorisation; or

(c)

any provision of a code of practice applicable to the holder of the FSSA authorisation so far as that relates to the activity covered by the FSSA authorisation,

any performance bond, guarantee or other form of security furnished by the holder must not be forfeited by the Agency for that contravention or non‑compliance except to the extent to pay the financial penalty.

(2) All financial penalties imposed under this Act because of regulatory action, and any moneys under a performance bond, deposit or other form of security forfeited under regulatory action for the purpose of meeting any financial penalty so imposed must be collected by the Agency and paid into the Consolidated Fund.

(3) The Agency may recover as a debt in a court of competent jurisdiction any of the following amounts that has become due and payable but has not been paid:

(a)

any fee imposed under any provision of this Act in respect of an FSSA authorisation;

(b)

any financial penalty imposed under any provision of this Act in respect of a holder or former holder of an FSSA authorisation,

and the liability of the holder or former holder concerned to pay is not affected by the holder’s or former holder’s FSSA authorisation ceasing (for any reason) to be in force.

(4) All financial penalties recovered under subsection (3) must be paid into the Consolidated Fund.