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(1)Provision under section 42 may include provision for a person to pay a monetary penalty (a “non-compliance penalty”) to a regulator if the person fails to comply with—
(a)a non-monetary discretionary requirement imposed on the person, or
(b)an undertaking referred to in section 43(5) which is accepted from the person.
(2)Provision under subsection (1) may—
(a)specify the amount of the non-compliance penalty,
(b)provide for the amount to be calculated by reference to prescribed criteria,
(c)provide for the amount to be determined by the regulator, or
(d)provide for the amount to be determined in any other way.
(3)Provision under subsection (1) must secure that—
(a)the non-compliance penalty is imposed by notice served by the regulator, and
(b)the person on whom it is imposed may appeal against that notice.
(4)Provision pursuant to paragraph (b) of subsection (3) must secure that the grounds on which a person may appeal against a notice referred to in that subsection include the following—
(a)that the decision to serve the notice was based on an error of fact;
(b)that the decision was wrong in law;
(c)that the decision was unfair or unreasonable for any reason (including, in a case where the amount of the non-compliance penalty was determined by the regulator, that the amount is unreasonable).
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