SCHEDULE 4Financial penalties
4Notice of intention
1
Before imposing a financial penalty, the Scottish Ministers must give the approved regulator a notice (a “notice of intention”) of their intention to do so.
2
The notice of intention must—
a
state—
i
that the Scottish Ministers intend to impose a financial penalty,
ii
the amount of the proposed penalty,
b
by reference to the failure concerned and any other relevant facts, explain why the Scottish Ministers consider that—
i
it is appropriate to impose a penalty,
ii
the amount of the proposed penalty is appropriate.