The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
SRA Handbook
Decisions to impose a penalty
Back to version 21Version 17 of the Handbook was published on 12/08/2016. For more information, please click 'History' Above
Rule 8: Decisions to impose a penalty
- 8.1
-
Where the SRA is minded to direct a regulated person to pay a penalty, it may request from that person a statement as to their financial means, and such statement shall:
- (a)
-
include a statement of truth signed by the person or a person duly authorised to sign on their behalf; and
- (b)
-
be provided within 14 days from the date of the request or such longer period as the SRA may specify.
- 8.2
-
Where the SRA has decided to direct a regulated person to pay a penalty, the SRA may direct that the payment of all or part of the penalty be suspended on terms to be specified by the SRA in accordance with rule 8.3.
- 8.3
-
Any decision to suspend a penalty shall specify:
- (a)
-
the payment which is being suspended;
- (b)
-
the period of time for which the payment is suspended; and
- (c)
-
the circumstances in which the payment is and is not payable, which may include that it shall become payable if the SRA makes a further SRA finding in respect of the person concerned in the period for which the payment has been suspended.
- 8.4
-
Where the SRA has directed a regulated person to pay a penalty, subject to rule 8.2 above, such penalty shall be paid within a time and in the manner specified by the SRA but shall not become payable until: