9.1In our Issues Paper, we asked whether pecuniary penalty statutes should recognise a privilege against compelled self-exposure to a pecuniary penalty. In this Report, we refer to this privilege as the “penalty privilege”.
(1) A self-incriminating statement made orally by a person summoned under section 31N (whether or not the statement is recorded in writing) in the course of answering any question before, or providing any information or document to, the Panel, or a member, officer, or employee of the Panel,—
(a) … is not admissible in—
(i) criminal proceedings against that person; or
(ii) proceedings under this Act, the Securities Act 1978, or the Securities Markets Act 1988 for a pecuniary penalty order against that person …
A person shall not be excused from complying with any requirement to furnish information, produce documents, or give evidence under this Act, or, on appearing before the Commission, from answering any question or producing any document, on the ground that to do so might tend to incriminate that person.See also the Takeovers Act 1993, s 33B:
No person is excused from answering any question or providing any information or document under this Act on the ground that to do so would or might incriminate or tend to incriminate that person.