Paragraph 19 Non-compliance penaltiesI1

England and Wales

(1)

If a person fails to comply with a third party undertaking, the regulator may serve a notice on that person imposing a monetary penalty (“non-compliance penalty”) in respect of the same offence, irrespective of whether a variable monetary penalty was also imposed in respect of that offence.

(2)

The amount of the penalty must be determined by the regulator, and must be a percentage of the costs of fulfilling the remaining requirements of the third party undertaking.

(3)

The percentage must be determined by the regulator having regard to all the circumstances of the case and may, if appropriate, be 100%.

(4)

The notice must include information as to—

(a)

the grounds for imposing the penalty,

(b)

the amount of the penalty,

(c)

how payment may be made,

(d)

the period within which payment must be made, which must not be less than 28 days,

(e)

rights of appeal,

(f)

the consequences of non-payment, and

(g)

any circumstances in which the regulator may reduce the amount of the penalty.

(5)

If a third party undertaking is fulfilled before the time set for payment of the non-compliance penalty, the penalty is not payable.

Annotations

Commencement

I1: Sch. 2 para. 19 in force at 6.4.2024, see reg. 1(2)