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Regulatory Enforcement and Sanctions Bill [HL]

We have been over why we think that it is better for good regulation to follow the Macrory principles. The kinds of criteria we consider are the size of business, which might well be in the criteria; a delay in submitting records; and the number of instances of non-compliance, such as the number of accounts that have been filed late. We do not think that criteria based on assessing financial gain are likely to be appropriate for fixed monetary penalties. If I gave that impression in what I said earlier, I was wrong. Variable monetary penalties would clearly be far more appropriate. I understand the noble and learned Lord’s point, but the criteria set out will be pretty exact. If the regulator, junior or senior, does not follow them in deciding what the fixed monetary penalty should be, I repeat that he can be appealed against.