(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.