PART 4E+W+SCompliance and enforcement

Penalty noticesE+W+S

31.—(1) A penalty notice is a notice requiring the person to whom it is issued to pay a penalty within the period specified in the notice.

(2) Subject to regulation 33(1) and (3)(b), the Regulator may issue a penalty notice to—

(a)any trustee or manager of a pension scheme where the Regulator is of the opinion that the trustee or manager has—

(i)failed to comply with a compliance notice under regulation 29, or

(ii)contravened a provision under Part 3;

(b)a third party where the Regulator is of the opinion that the third party failed to comply with a third party compliance notice under regulation 30.

(3) The amount of the penalty is to be determined by the Regulator, but in respect of a failure or contravention must not exceed—

(a)£5,000 if the person is an individual, or

(b)£50,000 if the person is a body corporate (including corporate trustees), a Scottish partnership, or any other person who is not an individual.

(4) A penalty notice must—

(a)state the amount of the penalty;

(b)state the date by which the penalty must be paid, which must be at least 4 weeks after the date on which the penalty notice is issued;

(c)state the period (if any) to which the penalty relates;

(d)if the penalty notice is issued under paragraph 2(a)(i) or (2)(b), specify the failure to which the penalty notice relates;

(e)if the notice is issued under paragraph 2(a)(ii), specify the provision which has been contravened;

(f)notify the person to whom the notice is issued of the review process under regulation 34 and the right of referral to a tribunal under regulation 35.

(5) Where the Regulator may issue more than one penalty notice to a person because there has been—

(a)more than one failure to comply with the same compliance notice, or

(b)more than one contravention of a provision under Part 3 (whether more than one contravention of the same provision or contraventions of different provisions),

the penalty notices may be issued in a single document.

(6) If a single document is issued as mentioned in paragraph (5), the information required by paragraph (4) may be provided in the document by reference to more than one penalty.

Commencement Information