http://www.legislation.gov.uk/ukpga/2012/21/section/110/2013-01-24Financial Services Act 2012An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.texttext/xmlenStatute Law Database2026-08-12Expert Participation2013-01-24 PART 9 Miscellaneous<Emphasis>Penalties received by Financial Services Authority or Bank of England</Emphasis>Payment to Treasury of penalties received by Bank of England1101The Bank of England (“the Bank”) must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.2The Bank's “penalty receipts” in respect of a financial year are any amounts received by the Bank during the year by way of penalties imposed under any of the following provisions—asections 192K and 312F of FSMA 2000, andbsection 198 of the Banking Act 2009.3The Bank's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—athe exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, orbthe recovery of penalties imposed under any of the provisions mentioned in subsection (2).4For this purpose the Bank's enforcement powers are—aits powers under any of the provisions mentioned in subsection (5),bits powers under any other enactment specified by the Treasury by order,cits powers in relation to the investigation of offences under FSMA 2000 or of any other offences specified by the Treasury by order, anddits powers in England and Wales or Northern Ireland in relation to the prosecution of offences under FSMA 2000 or of any other offences specified by the Treasury by order.5The provisions referred to in subsection (4)(a) are as follows—asections 192K to 192N of FSMA 2000 (parent undertakings), as applied to the Bank by Schedule 17A to that Act,bsections 312E and 312F of that Act (disciplinary measures in relation to clearing houses),csections 380, 382 and 384 of that Act (injunctions and restitution), as applied to the Bank by Schedule 17A to that Act, anddsections 197 to 200 and 202A of the Banking Act 2009 (inter-bank payment systems).6The Treasury may give directions to the Bank as to how the Bank is to comply with its duty under subsection (1).7The directions may in particular—aspecify descriptions of expenditure that are, or are not, to be regarded as incurred in connection with either of the matters mentioned in subsection (3),brelate to the calculation and timing of the deduction in respect of the Bank's enforcement costs, andcspecify the time when any payment is required to be made to the Treasury.8The directions may also require the Bank to provide the Treasury at specified times with specified information relating to—apenalties that the Bank has imposed under the provisions mentioned in subsection (2), orbthe Bank's enforcement costs.9The Treasury must pay into the Consolidated Fund any sums received by them under this section.S. 110 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2