# The Friendly Societies (Long Term Insurance Business) Regulations 1987, Regulation 61: Penalties


(1) If a society contravenes the restrictions imposed by regulation 4 above, then–
(a) the society shall be guilty of an offence and liable on conviction on indictment or on summary conviction to a fine which, on summary conviction shall not exceed the statutory maximum; and
(b) every officer of the society who is in default shall be guilty of an offence and liable:–
(i) on summary conviction to a fine not exceeding £2,000; or
(ii) on conviction on indictment to imprisonment for a term not exceeding two years or to a fine or both.
(2) Any person who–
(a) in connection with an application for authorisation under regulation 6 above; or
(b) in purporting to furnish information required by the Chief Registrar for the purposes of these Regulations, furnishes information which he knows to be false or misleading in a material particular or recklessly furnishes information which is false or misleading in a material particular, shall be guilty of an offence.
(3) A person guilty of an offence under paragraph (2) above shall be liable–
(a) on summary conviction to a fine not exceeding £2,000; or
(b) on conviction on indictment to imprisonment for a term not exceeding two years or to a fine or both.

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Source: https://www.legislation.gov.uk/uksi/1987/2132/regulation/61 (the official version)
Page: https://openlegislation.uk/friendly-societies-long-term-insurance-business-regulations-1987/regulation-61
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.