Compliance
3(1)The Secretary of State may by regulations make provision with a view to ensuring compliance with a provision of regulations under paragraph 1 or 2.
(2)The regulations may in particular—
(a)provide for the Regulator to issue a notice (a “compliance notice”) to a person with a view to ensuring the person’s compliance with a provision of regulations under paragraph 1 or 2;
(b)provide for the Regulator to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person’s compliance with a provision of regulations under paragraph 1 or 2;
(c)provide for the Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Regulator is of the opinion that the person has failed to comply with a compliance notice or third party compliance notice or has contravened a provision of regulations under paragraph 1 or 2;
(d)provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;
(e)confer other functions on the Regulator.
(3)The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.
(4)But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—
(a)£5,000, in the case of an individual, and
(b)£50,000, in any other case.