Regulation 20 Daily default penalty

If the reporting entity fails to provide the specified information after the notice of an assessment of a penalty under regulation 19 has been issued, the reporting entity is liable to a further penalty, for each subsequent day on which the failure continues, of an amount (subject to regulation 26), not exceeding £60 for each such day.

In the case of a partnership, the further penalty in paragraph (1) is payable by every relevant partner.

Where the reporting entity is a managing agent and the failure relates to specified information which is required in respect of one or more members of a syndicate, the reporting entity is liable to the further penalty under paragraph (1) in respect of each member of each syndicate to which the failure relates.