Regulation 28 Monetary penalty notices

(1)

If the Secretary of State is satisfied beyond reasonable doubt that a person has committed a breach of these Regulations, the Secretary of State may serve that person with a notice (a “monetary penalty notice”) in accordance with paragraph (3).

(2)

A penalty imposed by a monetary penalty notice may be of any amount up to a maximum of £50,000.

(3)

A monetary penalty notice must contain the following information—

(a)

the Secretary of State’s grounds for believing that a breach of these Regulations has been committed;

(b)

the matter that constitutes the breach;

(c)

the amount of the penalty;

(d)

the manner in which and the period within which the penalty must be paid;

(e)

details of the right of appeal conferred by regulation 29;

(f)

the manner in which and the period within which an appeal may be made; and

(g)

the consequences of late payment or failure to pay, including liability for interest under paragraph (5).

(4)

A monetary penalty notice issued under this regulation may be revoked or varied by the Secretary of State.

(5)

Interest is payable on the amount of any monetary penalty for each day beginning with the day after the last day for payment specified in the notice to the day on which the sum specified in the monetary penalty notice is paid in full.

(6)

For the purposes of paragraph (5), the rate of interest applicable on any day is one percentage point above the Bank of England base rate.

(7)

In paragraph (6) “Bank of England base rate” means—

(a)

except where sub-paragraph (b) applies, the rate announced from time to time by the Monetary Policy Committee^f1 of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets; or

(b)

if an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.

(8)

Amounts payable under this regulation are recoverable as a civil debt.

Annotations

Footnotes

f1: The Monetary Policy Committee is established under section 13 of the Bank of England Act 1998 (c. 11).