Fixing of penalties

(1) Where the Board decides to impose on a license an administrative penalty, other than a late payment penalty, for a disciplinary violation of a category specified in Column 1 of the First Schedule, it shall, after taking account of the factors specified in regulation 4, fix the amount of that administrative penalty within the range specified in Column 2 of the First Schedule. (2) Where the Board decides to impose on a licensee a late payment penalty, the late payment penalty shall be calculated in accordance with the Second Schedule.