Financial penaltiesU.K.
This section has no associated Explanatory Memorandum
85.—(1) The Authority may impose a penalty of such amount as it considers appropriate on—
(a)a payment service provider who has contravened a requirement imposed on them by or under these Regulations; or
(b)a person who has contravened regulation 110(1),111(1) or 114(1)(a) or (2).
(2) The Authority may not in respect of any contravention both require a person to pay a penalty under this regulation and cancel their authorisation as a payment institution or their registration as a small payment institution (as the case may be).
(3) A penalty under this regulation is a debt due from that person to the Authority, and is recoverable accordingly.
Commencement Information
I1Reg. 85 comes into force in accordance with reg. 1(2)