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Paragraph 16 F1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

This paragraph applies in any case where regulations include provision enabling the Regulator to require an authorised person to pay a penalty.

(2)

The regulations—

(a)

shall include provision about how the Regulator is to determine the amount of a penalty, and

(b)

may, in particular, include provision specifying a minimum or maximum amount.

(3)

The regulations—

(a)

shall provide for income from penalties imposed by the Regulator to be paid into the Consolidated Fund, but

(b)

may provide that such income is to be paid into the Consolidated Fund after the deduction of costs incurred by the Regulator in collecting, or enforcing the payment of, such penalties.

(4)

The regulations may also include, in particular—

(a)

provision for a penalty imposed by the Regulator to be enforced as a debt;

(b)

provision specifying conditions that must be met before any action to enforce a penalty may be taken.

Annotations

Textual amendments

F1

Sch. para. 16 inserted (21.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 139(7), 148(3); S.I. 2014/772, art. 2