(1) The Payment Systems Regulator may require a participant in a regulated payment system to pay a penalty in respect of a compliance failure.
(2) A penalty -
(a) must be paid to the Payment Systems Regulator, and
(b) may be enforced by the Payment Systems Regulator as a debt.
(3) The Payment Systems Regulator must prepare a statement of the principles which it will apply in determining -
(a) whether to impose a penalty, and
(b) the amount of a penalty.
(4) The Payment Systems Regulator must -
(a) publish the statement on its website,
(b) send a copy to the Treasury,
(c) review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and
(d) in applying the statement to a compliance failure, apply the version in force when the compliance failure occurred.