(1) Paragraphs (2) to (4) apply if, before 1st April 2014 -

(a) the OFT had given A a penalty notice under section 39A of the 1974 Act [Inserted by the Consumer Credit Act 2006, section 52.], and

(b) the appeal period in relation to that notice had expired.

(2) The penalty is payable to the FCA (rather than the OFT).

(3) If a defaulter (within the meaning of section 39A of the 1974 Act) had not paid to the OFT before 1st April 2014 the penalty imposed under that section -

(a) the defaulter must pay the unpaid balance to the FCA;

(b) section 39A(5) of the 1974 Act continues to apply to the defaulter with the following modifications -

(i) omit "to the OFT";

(ii) the reference to the OFT in paragraph (b) is to be treated as a reference to the FCA.