Prospective

23extent U.K. + Recovery of penaltiesU.K.

section 23 1 + (1)In England and Wales, a penalty is recoverable as if it were payable under an order of the High Court.

section 23 2 + (2)In Scotland, a penalty may be enforced in the same manner as an extract registered decree arbitral bearing a warrant for execution issued by the sheriff court of any sheriffdom in Scotland.

section 23 3 + (3)In Northern Ireland, a penalty is recoverable as if it were payable under an order of the High Court.

section 23 4 + (4)Where action is taken under this section for the recovery of a penalty, the penalty—

section 23 4 a + (a)in relation to England and Wales, is to be treated for the purposes of section 98 of the Courts Act 2003 (register of judgments and orders etc) as if it were a judgment entered in the High Court;

section 23 4 b + (b)in relation to Northern Ireland, is to be treated for the purposes of Article 116 of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)) (register of judgments) as if it were a judgment in respect of which an application has been accepted under Article 22 or 23(1) of that Order.

section 23 5 + (5)If the whole or any part of a penalty is not paid by the date by which it is required to be paid, the unpaid balance from time to time is to carry interest at the rate for the time being specified in section 17 of the Judgments Act 1838.

section 23 6 + (6)Where the Security Industry Authority receives an amount in respect of a penalty (including interest), it must be paid into the Consolidated Fund.

section 23 7 + (7)term penalty + In this section “penalty” means a non-compliance penalty or daily penalty imposed by a penalty notice.