http://www.legislation.gov.uk/ukpga/2013/33/schedule/4/paragraph/11/2013-12-18Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-062013-12-18SCHEDULESSCHEDULE 4The Payment Systems RegulatorPenalty receipts111

The Regulator must prepare and operate a scheme (“the financial penalty scheme”) for ensuring that the amounts that, as a result of the deduction for which paragraph 10(1) provides, are retained by the Regulator in respect of amounts paid to it by way of penalties imposed under section 73 are applied for the benefit of participants in regulated payment systems.

2

The financial penalty scheme may, in particular, make different provision with respect to different classes of participant.

3

The financial penalty scheme must ensure that those who have become liable to pay a penalty to the Regulator in any financial year do not receive any benefit under the scheme in the following financial year.

4

Up-to-date details of the financial penalty scheme must be set out in a document (the “scheme details”).

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