Regulation 12 Penalties
(1)
If any person fails without reasonable cause to comply with the requirement—
(a)
to pay the general levy under these Regulations; or
(b)
to pay any amount required to be paid under regulation 11,
the Regulatory Authority may require that person to pay a penalty within 28 days.
(2)
In the case of an individual, that penalty must not exceed £1,000.
(3)
In the case of any other person, that penalty must not exceed £10,000.