Paragraph 1 Power to impose a fixed monetary penalty

A regulator may by notice impose a fixed monetary penalty on a person in relation to an offence under a provision specified in Schedule 5 if the table in that Schedule indicates that such penalty is possible for that offence.

Before doing so the regulator must be satisfied beyond reasonable doubt that the person has committed the offence.

“Fixed monetary penalty” means a requirement to pay to a regulator a penalty of £100 for an individual or £300 for a body corporate.