Textual Amendments
F1Schs. 1ZA, 1ZB substituted for Sch. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.
28(1)The PRA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.U.K.
(2)The PRA's “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under this Act.
(3)The PRA'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 this Act.
(4)For this purpose the PRA's enforcement powers are—
(a)its powers under any of the provisions mentioned in section 133(7A),
(b)its powers under section 56 (prohibition orders),
(c)its powers under Part 25 of this Act (injunctions and restitution),
(d)its powers under any other enactment specified by the Treasury by order,
(e)its powers in relation to the investigation of relevant offences, and
(f)its powers in England and Wales or Northern Ireland in relation to the prosecution of relevant offences.
(5)“Relevant offences” are—
(a)offences under FSMA 2000,
(b)offences under subordinate legislation made under that Act, and
(c)any other offences specified by the Treasury by order.
(6)The Treasury may give directions to the PRA as to how the PRA 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 PRA'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 PRA to provide the Treasury at specified times with information relating to—
(a)penalties that the PRA has imposed under FSMA 2000, or
(b)the PRA's enforcement costs.
(9)The Treasury must pay into the Consolidated Fund any sums received by them under this paragraph.]