115 Financial penalties

Financial penalties

115  Financial penalties

After section 88 of the Pensions Act 2004 insert—

“Financial penalties
88A Financial penalties

(1)     Where the Regulator is satisfied that by reason of an act this section applies to a person, the Regulator may issue a notice to the person requiring the person to pay a penalty in respect of that act of an amount specified in the notice within a period specified in the notice.

(2)     The amount of the penalty is to be an amount, not exceeding £1 million, determined by the Regulator.

(3)     Regulations may amend subsection (2) by substituting a higher amount for the amount for the time being specified in subsection (2).

(4)     The date on which the period specified in the notice ends must be at least 28 days after the date on which the notice is issued.

(5)     The notice must specify the provision by virtue of which the penalty is imposed.

(6)     Where—

(a)     a penalty under this section may, apart from this subsection, be imposed on a body corporate, and

(b)     the act in question was done with the consent or connivance of a director, manager, secretary or other similar officer

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