PART 8ACCESS TO PAYMENT SYSTEMS

Supervision and enforcement

Power of OFT to impose financial penalties105

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.