Regulation 8 Enforcement of pass-through requirement
Where an intermediary fails to comply with the pass-through requirement, the end user may—
recover the pass-through amount from the intermediary as a civil debt; and
claim interest to be paid by the intermediary on such amount at a rate of 2% per cent per annum over the Bank of England base rate from the date 60 days after the date on which the scheme benefit to which the pass-through requirement relates was provided to the intermediary.
For the purposes of this regulation, the “Bank of England base rate” means—
the rate announced from time to time by the Monetary Policy Committee 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
where an order under section 19 of the Bank of England Act 1998f1 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.
Annotations
Footnotes
- f1