Restricts, the punishment convicts accept (8)

I believe the answer is:

confines

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'restricts' is the definition.
('confine' can be a synonym of 'restrict')

'punishment convicts accept' is the wordplay.
'punishment' becomes 'fine' (fine is a kind of punishment).
'convicts' becomes 'cons' (I can't justify this - if you can you should give a lot more credence to this answer).
'accept' is an insertion indicator.
'fine' put within 'cons' is 'CONFINES'.

'the' is the link.

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I've seen this clue in the Evening Standard.

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