Section 198

The Bank of England may require the operator of a recognised ... payment system , a recognised DSA service provider , or a service provider in relation to such a system, or such a DSA service provider to pay a penalty in respect of a compliance failure. A penalty— must be paid to the Bank of England, and may be enforced by the Bank as a debt. The Bank must prepare a statement of the principles which it will apply in determining— whether to impose a penalty, and the amount of a penalty. The Bank must— publish the statement on its internet website, send a copy to the Treasury, review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and in applying the statement to a compliance failure, apply the version in force when the failure occurred.

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Source: legislation.gov.uk · retrieved 2026-09-04