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EG 7.5 1Payment of financial penalties

EG 7.5.1

1Financial penalties must be paid within the period (usually 14 days) that is stated on the FCA's final notice. The FCA's policy in relation to reducing a penalty because its payment may cause a person serious financial hardship is set out in DEPP 6.5D.

EG 7.5.2

1[deleted]

EG 7.5.3

1Chapter 6 of the General Provisions module of the FCA Handbook (GEN) contains rules prohibiting a firm or member from entering into, arranging, claiming on or making a payment under a contract of insurance that is intended to have, or has, the effect of indemnifying any person against a financial penalty.

EG 7.5.4

1Chapter 6 of the General Provisions of the FCA Handbook (GEN) also contains a rule prohibiting a firm, except a sole trader, from paying a financial penalty imposed by the FCA on a present or former employee, director or partner of the firm or of an affiliated company.

EG 7.5.5

1 Rule 1.5.33 in the FCA's Prudential Sourcebook for Insurers (INSPRU) prohibits a long- term insurer (including a firm qualifying for authorisation under Schedule 3 or 4 to the Act), which is not a mutual, from paying a financial penalty from a long-term insurance fund.