Commentary on Sections Background Section 39: Appeals against financial penalties
137.This section makes provision for an approved regulator to appeal against a financial penalty on the grounds set out at section 39(2).
138.The appeal is by way of application to the High Court (to be made within three months of notification of the decision appealed against). The High Court can quash the penalty, substitute a different amount or, where the penalty is payable by instalments, vary the time by which the penalty must be paid (section 39(4)), and may make an order as to interest on any substituted penalty (sections 39(5) and 39(6)).