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Financial Services (Banking Reform) Act 2013
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- UK Public General Acts
- 2013 c. 33
- SCHEDULE 4
- Paragraph 11
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Penalty receipts
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11(1)The Regulator must prepare and operate a scheme (“the financial penalty scheme”) for ensuring that the amounts that, as a result of the deduction for which paragraph 10(1) provides, are retained by the Regulator in respect of amounts paid to it by way of penalties imposed under section 73 are applied for the benefit of participants in regulated payment systems.
(2)The financial penalty scheme may, in particular, make different provision with respect to different classes of participant.
(3)The financial penalty scheme must ensure that those who have become liable to pay a penalty to the Regulator in any financial year do not receive any benefit under the scheme in the following financial year.
(4)Up-to-date details of the financial penalty scheme must be set out in a document (the “scheme details”).
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