5(1)If a person fails to comply with a compliance requirement or a restoration requirement Monitor may impose a monetary penalty on that person of such amount as Monitor may determine (a “non-compliance penalty”).
(2)Where Monitor proposes to impose a non-compliance penalty on a person Monitor must give notice to that person (a “non-compliance notice”).
(3)A non-compliance notice must—
(a)specify the amount of the non-compliance penalty,
(b)set out the grounds for imposing the penalty,
(c)state how payment of the penalty may be made,
(d)state the period (“the payment period”) within which payment must be made,
(e)state any discount applicable for early payment of the penalty,
(f)set out the consequences of a failure to pay within the payment period (including any increase in the amount payable), and
(g)explain the right of appeal conferred by paragraph 6.
(4)The payment period must be not less than 28 days beginning with the day after that on which the non-compliance notice is received.
(5)If the whole or any part of a non-compliance penalty is not paid by the time it is required to be paid Monitor may increase the amount payable by no more than 50% of the amount of the penalty.
(6)Monitor may by notice to a person on whom a non-compliance penalty has been imposed reduce the amount of the penalty or extend the payment period.