4(1)Before imposing a financial penalty, the Scottish Ministers must give the approved regulator a notice (a “notice of intention”) of their intention to do so.
(2)The notice of intention must—
(a)state—
(i)that the Scottish Ministers intend to impose a financial penalty,
(ii)the amount of the proposed penalty,
(b)by reference to the failure concerned and any other relevant facts, explain why the Scottish Ministers consider that—
(i)it is appropriate to impose a penalty,
(ii)the amount of the proposed penalty is appropriate.