# Banking Act 2009, Section 198: Penalty

Extent: E+W+S+N.I.

(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.
(2) A penalty—
(a) must be paid to the Bank of England, and
(b) may be enforced by the Bank as a debt.
(3) The Bank must prepare a statement of the principles which it will apply in determining—
(a) whether to impose a penalty, and
(b) the amount of a penalty.
(4) The Bank must—
(a) publish the statement on its internet website,
(b) send a copy to the Treasury,
(c) review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and
(d) in applying the statement to a compliance failure, apply the version in force when the failure occurred.

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Source: https://www.legislation.gov.uk/ukpga/2009/1/section/198 (the official version)
Page: https://openlegislation.uk/banking-act-2009/section-198
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.