{
  "url": "https://openlegislation.uk/banking-act-2009/section-198",
  "json_url": "https://openlegislation.uk/banking-act-2009/section-198.json",
  "legislation": "ukpga/2009/1",
  "legislation_title": "Banking Act 2009",
  "legislation_url": "https://openlegislation.uk/banking-act-2009",
  "path": "section/198",
  "kind": "section",
  "number": "198",
  "heading": "Penalty",
  "text": "(1) The Bank of England may require the operator of a recognised ... payment system , a recognised DSA service provider , or a service provider in relation to such a system, or such a DSA service provider to pay a penalty in respect of a compliance failure.\n(2) A penalty—\n(a) must be paid to the Bank of England, and\n(b) may be enforced by the Bank as a debt.\n(3) The Bank must prepare a statement of the principles which it will apply in determining—\n(a) whether to impose a penalty, and\n(b) the amount of a penalty.\n(4) The Bank must—\n(a) publish the statement on its internet website,\n(b) send a copy to the Treasury,\n(c) review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and\n(d) in applying the statement to a compliance failure, apply the version in force when the failure occurred.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in s. 198(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 20"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 198(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 26(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 198(1) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(18)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 198(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 26(b)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 198 applied by 2013 c. 33, s. 124A(8) (as inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 49(3) (with ss. 2(2), 5(2)))"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 198 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/1/section/198",
    "retrieved_at": "2026-10-29T09:11:28.246347+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}