Regulation 6 Penalties
(1)
The Payment Systems Regulator may require a regulated person to pay a penalty in respect of a compliance failure.
(2)
A penalty—
(a)
must be paid to the Payment Systems Regulator; and
(b)
may be enforced by the Payment Systems Regulator as a debt.
(3)
The Payment Systems Regulator must prepare a statement of the principles which it will apply in determining—
(a)
whether to impose a penalty, and
(b)
the amount of a penalty.
(4)
The Payment Systems Regulator must—
(a)
publish the statement on its website,
(b)
send a copy to the Treasury,
(c)
review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and
(d)
in applying the statement to a compliance failure, apply the version in force when the compliance failure occurred.