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
d
in applying the statement to a compliance failure, apply the version in force when the compliance failure occurred.