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Penalty notice debt recovery

FOI reference - FOI-4119
Date - 4 October 2019

Request

  1. The link provided for question 4 does not break down the value of fines by type. I understand they only include fixed penalty notices and escalating penalty notices, but can you please provide a breakdown of the two?
  2. Can you please provide details of the recovery rate, i.e. the differences in fines issued and monies recovered?

Can you please let me know the exact amount recovered in GBP for the past five financial years (up to March 2019). So out of the £124.6m (the cumulative value of enforcement actions), how much has been recovered?

Response

I can confirm that we hold some of the information you have requested.

Information we are able to supply

The table below sets out the values of fines issued by financial year and the value of Fixed Penalty Notices (FPN) at £400 each. Note that there are adjustments occasionally made due to hardship. In the financial year 2018/19 there were hardship assessments which were accepted which can result in reductions in amount due for that period as they enter a payment plan. We are not able to provide the value of Escalating Penalty Notices (EPN) as each would accrue at a daily rate which varies between £50 to £10,000 on a case by case basis. See our compliance and enforcement bulletins online.

Year FPNs EPNs
2014-15 £170,400 £22,500
2015-16 £873,200 £236,500
2016-17 £4,980,100 £7,682,500
2017-18 £11,548,700 £30,547,350
2018-19 £14,858,115 £53,768,808

The cumulative recovery rate against recoverable debt currently stands as at the end of August at 31%.

The amount recovered for the past five financial years (up to March 2019) is £18.4m this is against a recoverable debt of £62.1m. The £124m is the total of penalties issued but not all is recoverable as detailed within our annual report and accounts. To access our annual report and accounts click on the link: https://www.thepensionsregulator.gov.uk/en/document-library/corporate-information/annual-reports