[F177AFixed penalty noticesE+W+S
(1)The Regulator may issue a fixed penalty notice to a person if it considers that the person—
(a)has failed to comply with a notice under section 72 or 72A,
(b)has failed to comply with a requirement under section 75, or
(c)has prevented or hindered an inspector exercising any power under section 73, 74 or 75.
(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, and
(b)must not exceed £50,000.
(4)A fixed penalty notice must—
(a)state the amount of the penalty;
(b)state the date by which the penalty must be paid, which must be at least 28 days after the date on which the notice is issued;
(c)state the period to which the penalty relates;
(d)specify the failure or conduct to which the penalty relates;
(e)state that the Regulator may issue an escalating penalty notice under section 77B if the person fails to comply with a notice under section 72 or 72A;
(f)notify the person to whom the notice is issued of the review process under section 43 of the Pensions Act 2008 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 Act 2008 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)This section does not apply in a case where section 40 of the Pensions Act 2008 or section 17 of the Pension Schemes Act 2017 applies.]
Textual Amendments
F1Ss. 77A, 77B inserted (31.5.2021 for specified purposes, 1.10.2021 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 112, 131(1); S.I. 2021/620, reg. 2(1)(d); S.I. 2021/950, reg. 2(5)(c) (with reg. 5)