s 21
(1) The FCA must prepare and operate a scheme (“ the financial penalty scheme ”) for ensuring that the amounts that, as a result of the deduction for which paragraph 20(1) provides, are retained by the FCA in respect of amounts paid to it by way of penalties imposed under this Act are applied for the benefit of regulated persons. (2) “ Regulated persons ” means— (a) authorised persons, (b) recognised investment exchanges, (c) issuers of securities admitted to the official list, and (d) issuers who have requested or approved the admission of financial instruments to trading on a regulated market. (3) The financial penalty scheme may, in particular, make different provision with respect to different classes of regulated person. (4) The financial penalty scheme must ensure that those who have become liable to pay a penalty to the FCA in any financial year of the FCA do not receive any benefit under the scheme in the following financial year. (5) Up-to-date details of the financial penalty scheme must be set out in a document (“the scheme details”).