Regulation 31 Penalty notices
A penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.
Subject to regulation 33(1) and (3)(b), the Regulator may issue a penalty notice to—
any trustee or manager of a pension scheme where the Regulator is of the opinion that the trustee or manager has—
failed to comply with a compliance notice under regulation 29, or
contravened a provision under Part 3;
a third party where the Regulator is of the opinion that the third party failed to comply with a third party compliance notice under regulation 30.
The amount of the penalty is to be determined by the Regulator, but in respect of a failure or contravention must not exceed—
£5,000 if the person is an individual, or
£50,000 if the person is a body corporate (including corporate trustees), a Scottish partnership, or any other person who is not an individual.
A penalty notice must—
state the amount of the penalty;
state the date by which the penalty must be paid, which must be at least 4 weeks after the date on which the penalty notice is issued;
state the period (if any) to which the penalty relates;
if the penalty notice is issued under paragraph 2(a)(i) or (2)(b), specify the failure to which the penalty notice relates;
if the notice is issued under paragraph 2(a)(ii), specify the provision which has been contravened;
notify the person to whom the notice is issued of the review process under regulation 34 and the right of referral to a tribunal under regulation 35.
Where the Regulator may issue more than one penalty notice to a person because there has been—
more than one failure to comply with the same compliance notice, or
more than one contravention of a provision under Part 3 (whether more than one contravention of the same provision or contraventions of different provisions),
the penalty notices may be issued in a single document.
If a single document is issued as mentioned in paragraph (5), the information required by paragraph (4) may be provided in the document by reference to more than one penalty.