Consultation on the OfS’s approach to monetary penalties: Analysis of responses

This document identifies and discusses the most significant issues raised by respondents to the consultation on our approach to monetary penalties. We sought views on our proposed approach to determining the amount of a monetary penalty, including any discount for early settlement. We also sought views on the clarity of our approach to the recovery of our costs relating to the imposition of sanctions and to charging interest for late payment of OfS registration and other fees.

We have decided to publish a general policy on how we will calculate a monetary penalty, including a settlement process, and our approach to the recovery of costs and charging interest for late payment of fees. See Regulatory advice 19: The OfS’s approach to determining the amount of a monetary penalty.