SCHEDULES
SCHEDULE 4The Payment Systems Regulator
12Penalty receipts
1
The scheme details must be published by the Regulator in the way appearing to it to be best calculated to bring them to the attention of the public.
2
Before making the financial penalty scheme, the Regulator must publish a draft of the proposed scheme in the way appearing to the Regulator to be best calculated to bring it to the attention of the public.
3
The draft must be accompanied by notice that representations about the proposals may be made to the Regulator within a specified time.
4
Before making the scheme, the Regulator must have regard to any representations made to it in accordance with sub-paragraph (3).
5
If the Regulator makes the proposed scheme, it must publish an account, in general terms, of—
a
the representations made to it in accordance with sub-paragraph (3), and
b
its response to them.
6
If the scheme differs from the draft published under sub-paragraph (2) in a way which is, in the opinion of the Regulator, significant, the Regulator must (in addition to complying with sub-paragraph (5)) publish details of the difference.
7
The Regulator must, without delay, give the Treasury a copy of any scheme details published by it.
8
The Regulator may charge a reasonable fee for providing a person with a copy of—
a
a draft published under sub-paragraph (2);
b
scheme details.
9
Sub-paragraphs (2) to (6) and (8)(a) also apply to a proposal to alter or replace the financial penalty scheme.