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There are currently no known outstanding effects for the The Payment Accounts Regulations 2015, Section 37.
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37.—(1) A penalty imposed on a person under—
(a)regulation 34; or
(b)regulation 35(4)(a);
is a debt due from that person to the Authority, and is recoverable accordingly.
(2) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during that year pursuant to regulation 34 or regulation 35(4)(a) after deducting its enforcement costs.
(3) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (2).
(4) The directions may in particular—
(a)specify the time when any payment is required to be made to the Treasury; and
(b)require the Authority to provide the Treasury at a specified time with information relating to the penalties that the Authority has imposed under regulation 34 or regulation 35(4)(a).
(5) The Treasury must pay into the Consolidated Fund any sums received by them under paragraph (2).
(6) The Authority must ensure that the amounts that it retains as a result of the deduction for which paragraph (2) provides are applied for the benefit of payment service providers.
(7) For the purposes of this regulation—
“enforcement costs” in respect of the Authority’s financial year means the expenses incurred by the Authority during the year in connection with—
the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, and
the recovery of any penalty imposed under these Regulations; and
“enforcement powers” means the Authority’s powers under this Part.
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