Part 1U.K.Public protection requirements

Monetary penaltiesU.K.

18Maximum amount of a non-compliance penaltyU.K.

(1)The maximum amount of a non-compliance penalty that may be imposed on a person by a penalty notice is—

(a)in the case of a contravention of a requirement imposed by a notice under paragraph 3(1)(b) of Schedule 3 (requirement to attend and answer questions), £5,000;

(b)if, in a case to which paragraph (a) does not apply, the contravention in respect of which the penalty is imposed relates to standard duty premises, £10,000;

(c)if, in a case to which paragraph (a) does not apply, the contravention in respect of which the penalty is imposed relates to enhanced duty premises or a qualifying event, the amount determined in accordance with subsections (2) to (4).

(2)Where the person does not have an accounting period or the person’s first accounting period has not ended, the maximum amount is £18 million.

(3)In any other case, the maximum amount is whichever is the greater of—

(a)£18 million, and

(b)5% of the person’s qualifying worldwide revenue for the person’s most recent complete accounting period.

(4)Where the person’s most recent complete accounting period is not a period of 12 months, the amount of the person’s qualifying worldwide revenue for the period is to be adjusted as follows—

(a)if the accounting period is less than a year, the amount is to be proportionately increased;

(b)if the accounting period is more than a year, the amount is to be proportionately reduced.

(5)The Security Industry Authority must—

(a)produce a statement giving information about the amounts which it does, or does not, regard as comprising a person’s qualifying worldwide revenue for the purposes of this section;

(b)keep the statement under review;

(c)publish the statement (and any revised or replacement statement);

(d)send a copy of the statement (and any revised or replacement statement) to the Secretary of State.

(6)Before producing a statement under subsection (5) (including a revised or replacement statement), the Security Industry Authority must consult the Secretary of State.

(7)The Secretary of State must lay a copy of any statement received under subsection (5)(d) before Parliament.

(8)The Secretary of State may by regulations amend—

(a)subsection (1)(a),

(b)subsection (1)(b),

(c)subsection (2), or

(d)subsection (3)(a),

so as to substitute a different figure for the figure for the time being specified.

(9)In this section “accounting period”, in relation to a person, means a period in respect of which accounts are prepared in relation to that person.