Financial Services (Banking Reform) Act 2013

10 (1) The Regulator must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs. U.K.

(2) The Regulator's “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under section 73.

(3) The Regulator's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—

(a) the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or

(b) the recovery of penalties imposed under section 73.

(4) For the purposes of sub-paragraph (3) the Regulator's enforcement powers are—

(a) its powers under sections 72 to 75;

(b) its powers under any other enactment specified by the Treasury by order;

(c) its powers in relation to the investigation of relevant offences;

(d) its powers in England and Wales or Northern Ireland in relation to the prosecution of relevant offences.

(5) In sub-paragraph (4) “relevant offences” means—

(a) offences under this Part;

(b) any other offences specified by the Treasury by order.

(6) The Treasury may give directions to the Regulator as to how it is to comply with its duty under sub-paragraph (1).

(7) The directions may in particular—

(a) specify descriptions of expenditure that are, or are not, to be regarded as incurred in connection with either of the matters mentioned in sub-paragraph (3),

(b) relate to the calculation and timing of the deduction in respect of the Regulator's enforcement costs, and

(c) specify the time when any payment is required to be made to the Treasury.

(8) The directions may also require the Regulator to provide the Treasury at specified times with specified information relating to—

(a) penalties that the Regulator has imposed under section 73, or

(b) the Regulator's enforcement costs.

(9) The Treasury must pay into the Consolidated Fund any sums received by them under this paragraph.

Modifications etc. (not altering text)

C1 Sch. 4 paras. 5, 7, 9-14 applied (with modifications) (9.12.2015) by The Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), regs. 1, 15(3) (as amended (1.1.2024) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), reg. 3(10))

C2 Sch. 4 paras. 9-14 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), regs. 1(6), 136(3) (with reg. 3)

Commencement Information

I1 Sch. 4 para. 10 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1