Regulation 47 False or misleading statement
(1)
The penalties in paragraph (2) apply where a responsible undertaking makes a statement which is false or misleading when notifying information to the scheme administrator or a compliance body, or when providing information required by a compliance notice, an enforcement notice or a penalty notice.
(2)
The penalties are—
(a)
£50,000, or such lesser amount as the compliance body may determine, and
(b)
the publication penalty.