{
  "url": "https://openlegislation.uk/insolvency-act-1986/section-391F",
  "json_url": "https://openlegislation.uk/insolvency-act-1986/section-391F.json",
  "legislation": "ukpga/1986/45",
  "legislation_title": "Insolvency Act 1986",
  "legislation_url": "https://openlegislation.uk/insolvency-act-1986",
  "path": "section/391F",
  "kind": "section",
  "number": "391F",
  "heading": "Financial penalty",
  "text": "(1) This section applies if the Secretary of State is satisfied—\n(a) that a recognised professional body has failed to comply with a requirement to which this section applies, and\n(b) that, in all the circumstances of the case, it is appropriate to impose a financial penalty on the body.\n(2) This section applies to a requirement imposed on the recognised professional body—\n(a) by a direction given under section 391D, or\n(b) by a provision of this Act or of subordinate legislation under this Act.\n(3) The Secretary of State may impose a financial penalty, in respect of the failure, of such amount as the Secretary of State considers appropriate.\n(4) In deciding what amount is appropriate, the Secretary of State—\n(a) must have regard to the nature of the requirement which has not been complied with, and\n(b) must not take into account the Secretary of State's costs in discharging functions under this Part.\n(5) A financial penalty under this section is payable to the Secretary of State; and sums received by the Secretary of State in respect of a financial penalty under this section (including by way of interest) are to be paid into the Consolidated Fund.\n(6) In sections 391G to 391I, “penalty” means a financial penalty under this section.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Ss. 391D-391K and cross-heading inserted (1.10.2015 immediately after 2015 c. 20, s. 17 comes into force) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 139(1), 164(1); S.I. 2015/1689, reg. 3(a)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Pt. 13 applied (with modifications) (7.4.2017) by Building Societies Act 1986 (1986 c. 53), Sch. 15A (as amended by S.I. 2017/400, regs. 1(2), 2(4))"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "Ss. 391A-391T applied (with modifications) (7.4.2017) by Banking Act 2009 (2009 c. 1), s. 145 Table 2 (as amended by S.I. 2017/400, regs. 1(2), 5(10))"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "Ss. 391A-391T applied (with modifications) (7.4.2017) by Banking Act 2009 (2009 c. 1), s. 103 (as amended by S.I. 2017/400, regs. 1(2), 5(4))"
    },
    {
      "type": "C",
      "label": "C4",
      "text": "Pt. 13 applied (with modifications) (7.4.2017) by Friendly Societies Act 1992 (1992 c. 40), Sch. 10 (as amended by S.I. 2017/400, regs. 1(2), 3)"
    },
    {
      "type": "C",
      "label": "C5",
      "text": "Pt. 13 applied (with modifications) (7.4.2017) by Building Societies Act 1986 (1986 c. 53), Sch. 15 (as amended by S.I. 2017/400, regs. 1(2), 2(3))"
    },
    {
      "type": "C",
      "label": "C6",
      "text": "Ss. 390-391T applied (with modifications) (E.W.S.) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 37 (with reg. 5) (as amended (4.1.2024) by S.I. 2023/1399, regs. 1(2), 4, 11)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/45/section/391F",
    "retrieved_at": "2026-10-29T09:55:00.443447+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}