Section 206T PenaltyF1

(1)

The Bank of England may require a recognised person to pay a penalty in respect of a compliance failure.

(2)

A penalty—

(a)

must be paid to the Bank, and

(b)

may be enforced by the Bank as a civil debt owed to the Bank.

(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 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.

Annotations

F1: Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1