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@fandangoenty
I have found it:
"A fixed penalty is not a fine. Payment of the penalty by the recipient discharges there liability to conviction for the offence for which the FPN was issued. It does not constitute an admission of guilt, but removes the possibility of the creation of a record of criminal conviction."
From a police websitd no less: http://www.newcastle.gov.uk/core.nsf/a/fixedpenaltynotice
Suck on that!