Regulation 111 Financial penalties
The FCA may impose a penalty of such amount as it considers appropriate on—
a payment service provider who has contravened a requirement imposed on them by or under these Regulations; F1...
an authorised payment institution, small payment institution, or registered account information services provider who has contravened a requirement imposed on it by or under section 312R of the 2000 Act; or
a person who has contravened regulation 138(1) (prohibition on provision of payment services by persons other than payment service providers), 139(1) (false claims to be a payment service provider or exempt) or 142(1)(a) or (2) (misleading a regulator).
The FCA may not in respect of any contravention both require a person to pay a penalty under this regulation and cancel their authorisation as a payment institution or their registration as a small payment institution or account information service provider (as the case may be).
A penalty under this regulation is a debt due from that person to the FCA, and is recoverable accordingly.
Annotations
Textual amendments
- F1
Word in reg. 111(1)(a) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 67(a) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
- F2
Reg. 111(1)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 67(b) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
Notes on the whole SI
Textual amendments
- F1
Regulations revoked (14.12.2023 for the revocation of reg. 158) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xix)