(1)A penalty may be imposed on an account provider if the account provider—
(a)offers or operates, as a purported Saving Gateway account, an account which does not comply with a requirement imposed by or under section 4;
(b)fails to pay a maturity payment within the period specified in regulations under section 8(4);
(c)fails to pay a death payment within the period specified in regulations under section 4(2)(b);
(d)allows an account holder to exceed the limit on payments into the account imposed by regulations under section 4(4);
(e)fails to comply with a condition or requirement imposed by or under regulations under section 5;
(f)opens a purported Saving Gateway account for a person where the application for the account does not include a declaration under section 6(2)(b) or does not comply with section 6(2)(c);
(g)fails to open an account for a person in accordance with section 6(3);
(h)opens an account for a person where regulations under section 6(4) require the account provider to refuse to open an account;
(i)fails to comply with a requirement imposed by regulations under section 7 or 9.
(2)The penalty which may be imposed under subsection (1) on the account provider is a penalty not exceeding—
(a)£300, or
(b)£1 in respect of each account affected by the matter, or any of the matters, in respect of which a penalty is imposed,
whichever is the greater.
(3)A supplementary penalty may be imposed under subsection (1) if an earlier penalty was based on an underestimate of the number of accounts affected.