Section 127

The Payment Systems Regulator may require a regulated person to pay a penalty in respect of a compliance failure. A penalty— must be paid to the Payment Systems Regulator; and may be enforced by the Payment Systems Regulator as a debt. The Payment Systems Regulator 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 Payment Systems Regulator must— publish the statement on its website; send a copy to the Treasury; review the statement from time to time and revise it if necessary (and sub-paragraphs (a) and (b) apply to a revision); and in applying the statement to a compliance failure, apply the version in force when the compliance failure occurred.

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