Part 8: Financial sanctions Section 149: Monetary penalties: supplementary
Subsection (1) requires the Treasury to issue guidance as to the circumstances in which a monetary penalty may be issued, and how the amount of such a penalty might be determined. While the Treasury will consult on the content of the guidance, it will cover the process by which breaches are considered, the factors that will be taken in to account, how the level of penalty will be calculated, the processes for making representations and seeking a review and what details will be published. Subsection (2) also requires the Treasury to publish periodic reports on monetary penalties that have been imposed.
	Such guidance will inform individuals and organisations about how the power to impose monetary penalties will be used, ensure that the monetary penalties act as a deterrent against poor compliance by individuals and organisations operating in the UK, and promote increased awareness of good practice. The details of any penalties imposed will be published for the same reasons.