Section 111

The FCA may impose a penalty of such amount as it considers appropriate on— a payment service provider who has contravened a requirement imposed on them by or under these Regulations; ... an authorised payment institution, small payment institution, or registered account information services provider who has contravened a requirement imposed on it by or under section 312R of the 2000 Act; or a person who has contravened regulation 138(1) (prohibition on provision of payment services by persons other than payment service providers), 139(1) (false claims to be a payment service provider or exempt) or 142(1)(a) or (2) (misleading a regulator). The FCA 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 or account information service provider (as the case may be). A penalty under this regulation is a debt due from that person to the FCA, and is recoverable accordingly.

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