Section 69(3)

Subject to subsection (4) below, in relation to a failure to comply with any regulatory requirement, the prescribed rate shall be determined by reference to the number of occasions in the period of 2 years preceding the beginning of the failure in question on which the person concerned has previously failed to comply with that requirement and, subject to the following provisions of this section, the prescribed rate shall be— if there has been no such previous occasion in that period, £5; if there has been only one such occasion in that period, £10; and in any other case, £15.

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Source: legislation.gov.uk · retrieved 2026-07-28