SCHEDULES
SCHEDULE 4The Payment Systems Regulator
Penalty receipts
I1C1C210
1
The Regulator must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.
2
The Regulator's “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under section 73.
3
The Regulator's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—
a
the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or
b
the recovery of penalties imposed under section 73.
4
For the purposes of sub-paragraph (3) the Regulator's enforcement powers are—
a
its powers under sections 72 to 75;
b
its powers under any other enactment specified by the Treasury by order;
c
its powers in relation to the investigation of relevant offences;
d
its powers in England and Wales or Northern Ireland in relation to the prosecution of relevant offences.
5
In sub-paragraph (4) “relevant offences” means—
a
offences under this Part;
b
any other offences specified by the Treasury by order.
6
The Treasury may give directions to the Regulator as to how it is to comply with its duty under sub-paragraph (1).
7
The directions may in particular—
a
specify descriptions of expenditure that are, or are not, to be regarded as incurred in connection with either of the matters mentioned in sub-paragraph (3),
b
relate to the calculation and timing of the deduction in respect of the Regulator's enforcement costs, and
c
specify the time when any payment is required to be made to the Treasury.
8
The directions may also require the Regulator to provide the Treasury at specified times with specified information relating to—
a
penalties that the Regulator has imposed under section 73, or
b
the Regulator's enforcement costs.
9
The Treasury must pay into the Consolidated Fund any sums received by them under this paragraph.