(1) If the appropriate regulator considers that -
(a) a SRUP has contravened a relevant requirement;
(b) a member of the management body of a SRUP was knowingly concerned in the contravention by the SRUP of a relevant requirement; or
(c) another member of the senior management of a SRUP was knowingly concerned in the contravention by the SRUP of a relevant requirement;
the appropriate regulator may impose a penalty of such amount as it considers appropriate.
(2) If the appropriate regulator considers that an individual on whom a temporary prohibition has been imposed under regulation 5 has breached the prohibition, the appropriate regulator may impose a penalty of such amount as it considers appropriate on that individual.
(3) A penalty imposed under this regulation is payable to the appropriate regulator and may be recovered as a debt owed to the appropriate regulator.