SCHEDULES

SCHEDULE 18Power to restrict charges or impose requirements in relation to schemes

Compliance

3

(1)

The Secretary of State may by regulations make provision with a view to ensuring compliance with a provision of regulations under paragraph 1 or 2.

(2)

The regulations may in particular—

(a)

provide for the Regulator 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 paragraph 1 or 2;

(b)

provide for the Regulator 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 paragraph 1 or 2;

(c)

provide for the Regulator to issue a notice (a “penalty notice”) imposing a penalty on a person where the Regulator is of the opinion that the person has failed to comply with a compliance notice or third party compliance notice or has contravened a provision of regulations under paragraph 1 or 2;

(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 Regulator.

(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.