Banking Act 2009

198 Penalty U.K.

(1) The Bank of England may require the operator of a recognised F1 ... payment system 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.

Textual Amendments

F1 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

Commencement Information

I1 S. 198 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2