(1)Where pursuant to any provision made under or by virtue of this Part a regulator receives—
(a)a fixed monetary penalty, a variable monetary penalty or a non-compliance penalty under section 45(1),
(b)any interest or other financial penalty for late payment of such a penalty, or
(c)a sum paid in discharge of liability to a fixed monetary penalty pursuant to section 40(2)(b),
the regulator must pay it into the relevant Fund.
(2)In subsection (1) “relevant Fund” means—
(a)in a case where the regulator has functions only in relation to Wales, the Welsh Consolidated Fund,
(b)in a case where the regulator has functions only in relation to Scotland, the Scottish Consolidated Fund,
(c)in a case where the regulator has functions only in relation to Northern Ireland, the Consolidated Fund of Northern Ireland, and
(d)in any other case, the Consolidated Fund.