Section 88A — Pensions Act 2004: Financial penalties

Financial penalties 88A 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 of the body or a person purporting to act in any such capacity, this section applies to that person.

7 Where the affairs of a body corporate are managed by its members, subsection (6) applies in relation to the acts of a member in connection with the member's functions of management as to a director of a body corporate.

8 Where—

a a penalty under this section may, apart from this subsection, be imposed on a Scottish partnership, and b the act in question was done with the consent or connivance of a partner, this section applies to that person.

9 If the Regulator requires a person to pay a penalty under this section by virtue of subsection (6) or (8), it may not also require the body corporate or the Scottish partnership to pay a penalty under this section in respect of the same act.

10 The Regulator may not issue a notice under this section to a person in relation to an act if—

a the person has been convicted of an offence in respect of the same act, or b criminal proceedings for the offence have been instituted against the person in respect of the act and the proceedings have not been concluded.

11 The Regulator may not issue a notice under this section to a person in respect of an act if the Regulator has required the person to pay a penalty under section 10 of the Pensions Act 1995 (civil penalties) in respect of the same act.

12 In this section “ act ” includes omission.