Paragraph 1 Imposition of a variable monetary penalty or compliance notice
The regulator may by notice impose—
a requirement to pay a monetary penalty to the regulator of such amount as the regulator may determine (“a variable monetary penalty”);
a requirement to take such steps as the regulator may specify, within such period as it may specify, to secure that the offence does not continue or recur (“a compliance notice”);
or a combination of these requirements, in relation to an offence under section 5 of the 2023 Act.
Before doing so the regulator must be satisfied beyond reasonable doubt that the person has committed the offence.
A requirement under this paragraph may not be imposed on a person on more than one occasion in relation to the same act or omission.
Before serving a notice relating to a variable monetary penalty the regulator may require the person to provide such information as is reasonable to establish the amount of any financial benefit arising as a result of the offence.