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)review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and
(d)in applying the statement to a compliance failure, apply the version in force when the compliance failure occurred.