[F1Financial penaltyN.I.
350F—(1) This Article applies if the Department is satisfied—
(a)that a recognised professional body has failed to comply with a requirement to which this Article applies; and
(b)that, in all the circumstances of the case, it is appropriate to impose a financial penalty on the body.
(2) This Article applies to a requirement imposed on the recognised professional body—
(a)by a direction given under Article 350D; or
(b)by a provision of this Order or of subordinate legislation under this Order.
(3) The Department may impose a financial penalty, in respect of the failure, of such amount as the Department considers appropriate.
(4) In deciding what amount is appropriate, the Department—
(a)must have regard to the nature of the requirement which has not been complied with; and
(b)must not take into account the Department's costs in discharging functions under this Part.
(5) A financial penalty under this Article is payable to the Department; and sums received by the Department in respect of a financial penalty under this Article (including by way of interest) are to be paid into the Consolidated Fund.
(6) In Articles 350G to 350I, “penalty” means a financial penalty under this Article.]
F1Arts. 350D-350K and cross-heading inserted (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), ss. 16(1), 28(2); S.R. 2016/203, art. 2