A little history
Three foul penalties at 14.1 continuous:
1913-1918 -- the rule was that all the points (balls) remaining on the table would be awarded to the non-fouler and the balls would be racked with the non-fouler breaking.
1921 -- official 14.1 tournament rules changed to a penalty of 15 but the non-fouler was still shooting at a full rack with no two-ball requirement:
1925-1935 (BBCCo "Royal Game" rule book) -- the rule remained as in 1921 with 15 points and the non-fouler shooting at a full rack but with no two-ball requirement.
1937-1942 (BBCCo "Royal Game" rule book, edited without notice) -- the 3-foul clause (part of Rule 23) was removed entirely, so presumably there was no extra penalty for three consecutive fouls.
1945 BAA (to become the BCA) rule book -- the modern form of the rule first appeared with a 15 point penalty and a forced re-break by the fouler
1974 -- the 1945 rule continues
1977 -- the rule is changed to non-fouler's option: 25 points and a rebreak or take ball in hand anywhere on the table.
(This change can only be described as temporary insanity.)
1978 -- continues
1980 -- back to the 1945 rule: 15 points and a forced rebreak
1982 -- the rule is changed to 20% of the length of the game and a rebreak with an option to take ball in hand (anywhere on the table? -- not specified) instead of the point penalty
1993 -- the rule is changed back to the 1945-1974 rule of 15 points and a forced rebreak
1999 -- as in 1993
2000 -- the non-breaker is given the option of accepting the balls in position rather than have a rebreak. I am listed as being on the Rules Committee at the time, but I do not remember accepting any such rule change.
2006 -- the in-position option continues
2008 -- the major WPA rewrite deletes the "in position" option for the incoming player. A 15-point penalty with a rebreak is required as was the case from 1945-1974, 1980, and from 1993-1999.