1.—(1) Where an administrator proposes to impose a non-compliance penalty on a seller, the administrator must serve a notice of intent on that seller.
(2) The notice of intent must include information as to—
(a)the grounds for the proposal to impose the penalty;
(b)the amount of the penalty proposed;
(c)methods of payment;
(d)the date by which payment would be due;
(e)the consequences of failure to make payment by the due date;
(f)the right to make representations and objections;
(g)the 28-day period within which representations and objections may be made;
(h)the circumstances (if any) in which the administrator may reduce the amount of the penalty proposed.