Schedule 9: Wholesale cash distribution Part 1 – New Part 5A of the Banking Act 2009 Enforcement Section 206T: Penalty
In the event of a compliance failure, subsection (1) gives the Bank the power to impose on a recognised person a financial penalty.
	Subsection (2) provides that the financial penalty is to be paid to the Bank and is enforceable as a debt.
	Subsections (3) and (4) specify that the Bank must prepare and publish on its website a statement of principles which it will apply in determining whether to impose a penalty, and the quantum of the penalty, for compliance failures under this Part. The Bank must send a copy of the statement to HM Treasury, review the statement from time to time and revise the statement, if necessary. In considering financial penalties for compliance failures under this Part, the Bank must apply the statement in force when the failure occurred.