Definition of Regulatory Penalties: Conditions and rates for failure to preserve records
We may require any records to be preserved for a period not exceeding 6 years. Failure tocomply with the requirement to preserve records makes a person liable to a penalty undersection 69(2).
The penalty rate to be applied depends on which regulatory requirement is breached.
Penalty for the failure to preserve records
If any person fails to comply with a requirement to preserve records imposed underparagraph 6(3) of Schedule 11, he shall be liable, subject to the following provisions ofthis section to a penalty of £500.