Administrative penalty and right of appeal

(1) Where the Commission is satisfied that an IFS Practitioner or a managing agent, or company has breached this Act or regulations, terms, conditions or limitations, the Commission may, by written notice, impose on the IFS Practitioner, managing agent or company, as the case may be, a prescribed penalty which shall not exceed $20,000.00. (2) Where by this Act, or regulations, directive or guideline given, an IFS Practitioner, a managing agent or company is required, by a specified time– (a) to take a certain measure or action; or (b) to cease a particular activity, behaviour or practice, and the Commission is satisfied that the IFS Practitioner, managing agent or company, as the case may be, has failed to do so, the Commission may impose on the IFS Practitioner, managing agent or company, an additional penalty of $500 for every day or part of a day that the IFS Practitioner, managing agent or company fails to take such measure or cease the particular activity, behaviour or practice. (3) A penalty under sub-section (2) shall not be imposed for a period of more than 30 days. (4) A penalty under this section shall not be imposed on an IFS Practitioner, a managing agent or company unless such person is first given an opportunity to be heard and to show cause why the action must not be taken. 36 (5) A person who is aggrieved by a decision of the Commission may appeal pursuant to section 34 to the Minister against the decision.