Regulation 127 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 sub-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.

Notes on the whole SI

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)