(a) to set the amount or maximum amount of, or of an increase in, a penalty imposed in respect of failure to comply with a requirement imposed by the FCA in exercise of a power conferred by regulations under section 14 (whether imposed by means of FCA interface rules or an FCA additional requirement), or
(b) to set the method for determining such an amount.
(3) Regulations made in reliance on subsection (2)—
(a) must require the FCA to produce and publish a statement of its policy with respect to the amount of the penalties;
(b) may require the policy to include specified matters;
(c) may make provision about the procedure for producing the statement;
(d) may require copies of the statement to be provided to specified persons;
(e) may require the FCA to have regard to a statement published in accordance with the regulations.
(4) The Treasury may by regulations—
(a) impose, or provide for the FCA to impose, a levy on data holders or third party recipients for the purpose of meeting expenses incurred, or to be incurred, during a period by the FCA, or by a person acting on the FCA’s behalf, in performing duties, or exercising powers, imposed or conferred on the FCA by regulations under section 14, and
(5) Regulations under subsection (4) may only provide for a levy in respect of expenses of the FCA to be imposed on persons that appear to the Treasury to be capable of being directly affected by the exercise of some or all of the functions conferred on the FCA by regulations under section 14.
(6) Regulations under subsection (4) providing for the FCA to impose a levy must—
(c) require the FCA to publish information about the rate, the period and how they are determined.
(7) Regulations under subsection (4) may (among other things) make provision about—
I31 S. 16 in force at Royal Assent for specified purposes, see s. 142(1)(2) (h)
I32 S. 16 in force at 20.8.2025 in so far as not already in force by S.I. 2025/904 , reg. 2(a)
17 The FCA and co-ordination with other regulators U.K.
The Treasury may by regulations amend section 98 of the Financial Services (Banking Reform) Act 2013 (payment systems: duty of the FCA and other regulators to ensure co-ordinated exercise of relevant functions) by—
(a) amending the definition of “relevant functions” so as to add or remove a function conferred on the FCA by regulations under this Part, and
(b) amending the definition of “objectives” so as to add or remove an objective of the FCA relevant to such a function.
I33 S. 17 in force at Royal Assent for specified purposes, see s. 142(1)(2) (h)
I34 S. 17 in force at 20.8.2025 in so far as not already in force by S.I. 2025/904 , reg. 2(a)
Supplementary U.K.
18 Liability in damages U.K.
(1) The Secretary of State or the Treasury may by regulations provide that a person listed in subsection (2) is not liable in damages for anything done or omitted to be done in the exercise of functions conferred by or under regulations made under this Part.
(a) a public authority;