Prospective

21Penalty notices: contents, procedure, variation and withdrawalU.K.

(1)A penalty notice must contain the following information—

(a)the reasons for giving the notice;

(b)the amount of the non-compliance penalty;

(c)the amount of any daily penalty;

(d)how payments may be made;

(e)the period within which payments must be made;

(f)the rights of appeal under section 22;

(g)the consequences of failing to pay the penalty.

(2)Before giving a penalty notice to a person, the Security Industry Authority must give the person an opportunity to make representations about the proposed notice.

(3)The Security Industry Authority may vary or withdraw a penalty notice by giving notice of the variation or withdrawal to the person to whom the notice was given.

(4)A penalty notice may not be varied so as to—

(a)increase the amount of the non-compliance penalty or any daily penalty,

(b)shorten the period within which the non-compliance penalty or any daily penalty must be paid, or

(c)require the payment of daily penalties not already provided for in the notice.