Part 1: Access to Customer Data and Business Data Financial Services Sector Section 16: The FCA and financial services interfaces: penalties and levies
Section 16 makes provision about regulations that the Treasury may make providing for the FCA to impose financial penalties.
	Subsection (2) makes provision about the way in which the FCA may be required or enabled to set penalties by regulations. The FCA may set the amount or maximum amount of a penalty or set the method for calculating such amount. Subsection (3) sets out provisions that such regulations may or must make in relation to the FCA’s policy in setting financial penalties.
	Subsection (4) permits the Treasury to impose, or provide for the FCA to impose, a levy on data holders or third-party recipients for the purpose of meeting expenses incurred by the FCA, or a person acting on its behalf, in performing functions imposed or conferred by regulations under section 14. This is to allow the FCA to recover expenses arising from its regulatory functions under Part 1. The regulations may make provision about what may or must be done with the funds. Subsection (5) provides that only directly affected persons should be subject to the levy. Subsections (6) and (7) confirm that the same requirements apply to regulations providing for this FCA levy, as apply to regulations for other levies in Part 1.