Penalise a vacuously natured fop? OK (4,3,5)

I believe the answer is:

fine and dandy

'ok' is the definition.
(thesaurus)

'penalise a vacuously natured fop?' is the wordplay.
'penalise' becomes 'fine'.
'vacuously' suggests removing the centre.
'fop?' becomes 'dandy' (synonyms).
'natured' with its centre taken out is 'nd'.
'fine'+'a'+'nd'+'dandy'='FINE AND DANDY'

(Another definition for fine and dandy that I've seen is " Going very well and to plan".)

I've seen this clue in The Everyman puzzle in The Observer.

Want a hint initially instead of a full solution? Install my app