Section 10 makes provision in relation to financial penalties and imposes safeguards as to their use.
	Subsections (2) (except as provided for) and (3) set out requirements with which regulations must include if they confer a power to impose a financial penalty.
	Subsection (2) provides that, except where section 16 (the FCA and financial services interfaces: penalties and levies) provides otherwise, a financial penalty may be a penalty of a specified amount, or an amount determined in accordance with the regulations, or an amount not exceeding those amounts. Section 21(3) and (4) provide additional safeguards on the setting of financial penalties and is explained in the commentary on that section.
	Under subsection (3)(a) and (b), the regulations must require an enforcer to produce, have regard to, and publish guidance about how the enforcer proposes to exercise any discretion to determine the amount of a financial penalty where it has that discretion.
	Under subsection (3)(c), the regulations must require an enforcer to provide a person on which a financial penalty is to be imposed with a written notice of the proposed financial penalty in advance of imposing it ("a notice of intent").
	Under subsection (3)(d) and (e), the regulations must require an enforcer to provide that person with an opportunity to make representations about the proposed financial penalty. For example, the regulations may provide the opportunity to submit an official statement to the enforcer before it makes a decision.
	Under subsection (3)(f), the regulations must require that, if the enforcer then decides to impose a financial penalty, the enforcer must issue that person with a notice in writing (final notice) imposing that penalty.
	Subsection (3)(g) to (h) requires that the regulations provide the person on which the penalty is imposed with a right of appeal and the regulations must specify the powers of the court or tribunal on such an appeal (this includes, for example, whether the court may substitute the enforcer’s decision with its own or remit the decision to be retaken by the enforcer).
	Subsection (4) provides that regulations may:
Require or enable an enforcer to provide copies of the guidance to which subsection (3)(a) and (b) to specified persons (paragraph (a));
Enable a notice of intent or final notice to be withdrawn or amended, for example if the circumstances change (paragraph (b));
Set out circumstances under which the enforcer is required to withdraw a final notice (paragraph (c));
In the case of a late payment, increase a financial penalty by up to a specific amount or an amount determined in accordance with the regulations (paragraph (d)) but this provision is subject to section 21(3) and (4);
Make provision as to how financial penalties are recoverable (paragraph (e));
Make provision about what must or may be done with amounts paid as penalties (paragraph f).
Part 1: Access to Customer Data and Business Data Enforcement Section 10: Financial penalties