False or misleading statementU.K.
This section has no associated Explanatory Memorandum
47.—(1) The penalties in paragraph (2) apply where a responsible undertaking makes a statement which is false or misleading when notifying information to the scheme administrator or a compliance body, or when providing information required by a compliance notice, an enforcement notice or a penalty notice.
(2) The penalties are—
(a)£50,000, or such lesser amount as the compliance body may determine, and
(b)the publication penalty.