(1) Every person who contravenes a provision of this Act shall be guilty of an offence.

(2) A person guilty of an offence under this Act shall be liable -

(a) on summary conviction, to a fine not exceeding £1,500 or to imprisonment for a term not exceeding 12 months, or to both, or

(b) on conviction on indictment, to a fine not exceeding £50,000 or to imprisonment for a term not exceeding 5 years, or to both.

(2A) Where a person, after conviction for an offence under this Act, continues to contravene the provision concerned, such person shall be guilty of an offence on every day on which the contravention continues and for each such offence shall be liable to a fine -

(a) on summary conviction, not exceeding £200, or

(b) on conviction on indictment, not exceeding £5,000.

(2B) Summary proceedings for an offence under this Act may be brought by the Bank.

(2C) [deleted]

(2D) Where a person is convicted of an offence under the Insurance Acts the court shall, unless it is satisfied that there are special and substantial reasons for not so doing, order the person to pay to the Bank the costs and expenses, measured by the court, incurred by the Bank in relation to the investigation, detection and prosecution of the offence.