41C—(1) Regulations may make provision with a view to ensuring compliance with a provision of regulations under Article 41A or 41B.
(2) The regulations may in particular—
(a)provide for the Authority to issue a notice (a “compliance notice”) to a person with a view to ensuring the person's compliance with a provision of regulations under Article 41A or 41B;
(b)provide for the Authority to issue a notice (a “third party compliance notice”) to a person with a view to ensuring another person's compliance with a provision of regulations under Article 41A or 41B;
(c)provide for the Authority to issue a notice (a “penalty notice”) imposing a penalty on a person where the Authority are of the opinion that the person—
(i)has failed to comply with a compliance notice or third party compliance notice, or
(ii)has contravened a provision of regulations under Article 41A or 41B;
(d)provide for the making of a reference to the First-tier Tribunal or Upper Tribunal in respect of the issue of a penalty notice or the amount of a penalty;
(e)confer other functions on the Authority.
(3) The regulations may make provision for determining the amount, or the maximum amount, of a penalty in respect of a failure or contravention.
(4) But the amount of a penalty imposed under the regulations in respect of a failure or contravention must not exceed—
(a)£5,000, in the case of an individual, and
(b)£50,000, in any other case.
(5) In this Article “First-tier Tribunal” and “Upper Tribunal” mean those tribunals established under section 3 of the Tribunals, Courts and Enforcement Act 2007.]
F1Arts. 41A-41C inserted (1.9.2021) by Pension Schemes Act 2021 (c. 1), s. 131(2)(d)(3)(c), Sch. 11 para. 12(2); S.R. 2021/240, art. 2(2)(e)