105.—(1) Where the OFT is satisfied that any rules or conditions governing access to, or participation in, a payment system contravene regulation 97(1) or (3), the OFT may impose a penalty of such amount as it considers appropriate on such persons as it considers appropriate.
(2) The OFT may impose a penalty on a person under paragraph (1) only if the OFT is satisfied that the infringement has been committed intentionally or negligently by that person.
(3) Notice of a penalty under this regulation must—
(a)be in writing; and
(b)specify the date before which the penalty is required to be paid.
(4) The date specified must not be earlier than the end of the period within which an appeal against the notice may be brought under regulation 106.
(5) Any sums received by the OFT under this regulation are to be paid into the Consolidated Fund.
Commencement Information
I1Reg. 105 comes into force in accordance with reg. 1(2)