Part 5... Payment Systems and service providers

Enforcement

198Penalty

(1)

The Bank of England may require the operator of a recognised F1... payment system F2, a recognised DSA service provider F3, or a service provider in relation to such a system, F4or such a DSA service provider to pay a penalty in respect of a compliance failure.

(2)

A penalty—

(a)

must be paid to the Bank of England, and

(b)

may be enforced by the Bank as a debt.

(3)

The Bank 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 Bank must—

(a)

publish the statement on its internet 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 failure occurred.