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Financial Services (Banking Reform) Act 2013

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This is the original version (as it was originally enacted).

Penalty receipts

This section has no associated Explanatory Notes

12(1)The scheme details must be published by the Regulator in the way appearing to it to be best calculated to bring them to the attention of the public.

(2)Before making the financial penalty scheme, the Regulator must publish a draft of the proposed scheme in the way appearing to the Regulator to be best calculated to bring it to the attention of the public.

(3)The draft must be accompanied by notice that representations about the proposals may be made to the Regulator within a specified time.

(4)Before making the scheme, the Regulator must have regard to any representations made to it in accordance with sub-paragraph (3).

(5)If the Regulator makes the proposed scheme, it must publish an account, in general terms, of—

(a)the representations made to it in accordance with sub-paragraph (3), and

(b)its response to them.

(6)If the scheme differs from the draft published under sub-paragraph (2) in a way which is, in the opinion of the Regulator, significant, the Regulator must (in addition to complying with sub-paragraph (5)) publish details of the difference.

(7)The Regulator must, without delay, give the Treasury a copy of any scheme details published by it.

(8)The Regulator may charge a reasonable fee for providing a person with a copy of—

(a)a draft published under sub-paragraph (2);

(b)scheme details.

(9)Sub-paragraphs (2) to (6) and (8)(a) also apply to a proposal to alter or replace the financial penalty scheme.

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