109 Payment to Treasury of penalties received by Financial Services Authority
Financial Services Act 2012 (2012 c 21) | Legislation

Penalties received by Financial Services Authority or Bank of England

109  Payment to Treasury of penalties received by Financial Services Authority

(1)     The Financial Services Authority (“the FSA”) must in respect of its financial year beginning with 1 April 2012 and each subsequent financial year pay to the Treasury its penalty receipts after deducting its enforcement costs.

(2)     The FSA's “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under FSMA 2000.

(3)     The FSA's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—

(a)     the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or

(b)     the recovery

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