The Administrative Sanctions Panel
1. The Administrative Sanctions Panel is the Disciplinary Committee of the Society with the power to impose administrative fines on persons subject to the enforcement jurisdiction of the Society pursuant to [2. below] and the Council shall appoint the members of the Administrative Sanction Panel and may from time to time prescribe requirements to govern the procedure for the revocation, suspension or replacement of members of the Administrative Sanctions Panel.
Power to impose administrative fines
2. The Council may from time to time make requirements for imposing administrative fines on persons subject to the enforcement jurisdiction of the Society, which shall prescribe –
(a) the acts or omissions resulting in a contravention or failure to observe any provisions of the Lloyd’s Acts 1871-1982 or any requirements of the Council, in respect of which the Council may impose administrative fines;
(b) the way in which administrative fines shall be calculated and any interest thereon; and
(c) the procedure for imposing administrative fines.
3. The procedure adopted by the Council for imposing administrative fines shall be a simplified procedure and constitute disciplinary proceedings for the purposes of the Lloyd’s Acts 1871-1982.
4. The Council shall consult with interested parties prior to making any requirements pursuant to [2. above] including with any persons who would be subject to those requirements (but any failure to consult shall not invalidate any requirements made).