PART 5Regulation of payment systems

Enforcement and appeals

73Penalties

1

The Payment Systems Regulator may require a participant in a regulated payment system 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 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.