203.This section amends section 19 of the 2010 Act (financial sanctions) to provide that where an approved regulator collects a financial penalty from one of its licensed providers, the approved regulator may retain a sum from the penalty (that is paid to the Scottish Ministers) or recover a sum from the licensed provider in relation to the regulator’s reasonable expenditure incurred in collecting the penalty.
204.The amendments also allow an approved regulator to discontinue its attempts to recover a penalty from one of its licensed providers or to reinstate its attempts that were previously discontinued in each case where the regulator considers it is reasonable to do so.
Background Financial sanctions Section 83 – Financial sanctions