PART 1Master Trusts
Ongoing supervision of Master Trust schemes
17Fixed penalty notice for failure to comply with request for information
(1)
The Regulator may issue a fixed penalty notice to a person if it considers that the person has failed to comply with a notice issued under Article 67 of the 2005 Order (provision of information to Regulator on request), so far as relevant to the exercise of any of the Regulator’s functions under or by virtue of this Part.
(2)
A fixed penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.
(3)
The penalty—
(a)
is to be determined in accordance with regulations made by the Department, and
(b)
must not exceed £50,000.
(4)
A fixed penalty notice must—
(a)
state the amount of the penalty;
(b)
state the date, which must be at least 28 days after the date on which the notice is issued, by which the penalty must be paid;
(c)
state the period to which the penalty relates;
(d)
specify the failure to which the penalty relates;
(e)
notify the person to whom the notice is issued of the review process under section 43 of the Pensions (No. 2) Act (Northern Ireland) 2008 (in this Act referred to as “the Pensions (No. 2) Act”) and the right of referral to a tribunal under section 44 of that Act (as applied by subsection (5)).
(5)
The following sections of the Pensions (No. 2) Act apply to a penalty notice under this section as they apply to a penalty notice under section 40 of that Act—
(a)
section 42 (penalty notices: recovery);
(b)
section 43 (review of penalty notices);
(c)
section 44 (references to First-tier Tribunal or Upper Tribunal).
(6)
Regulations under this section are subject to negative resolution.