If the F1 appropriate regulator considers that an authorised person has contravened F2a relevant requirement imposed on the person, it may impose on him a penalty, in respect of the contravention, of such amount as it considers appropriate.

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A penalty under this section is payable to the F4regulator that imposed the penalty.