(1) Before imposing a monetary penalty on a person under regulation 56C (Treasury: power to impose monetary penalties), the Treasury must inform the person of its intention to do so.

(2) The Treasury must also -

(a) explain the grounds for imposing the penalty,

(b) specify the amount of the penalty,

(c) explain that the person is entitled to make representations, and

(d) specify the period within which any such representations must be made.

(3) If (having considered any representations), the Treasury decides to impose the penalty, the Treasury must -

(a) inform the person of its decision,

(b) explain that the person is entitled to seek a review by a Minister of the Crown, and

(c) specify the period within which the person must inform the Treasury that the person wishes to seek such a review.

(4) If the person seeks a review, the Minister may -

(a) uphold the decision to impose the penalty and its amount,

(b) uphold the decision to impose the penalty but substitute a different amount, or