Part 5

... Payment Systems and service providers

Enforcement

Penalty
198
1
The Bank of England may require the operator of a recognised ... payment system , a recognised DSA service provider , or a service provider in relation to such a system, or 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.
S. 198 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2
Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2
Word in s. 198(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 20
Words in s. 198(1) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(18)
S. 198 applied by 2013 c. 33, s. 124A(8) (as inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 49(3) (with ss. 2(2), 5(2)))
Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2
Words in s. 198(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 26(a)
Words in s. 198(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 26(b)