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Modifications etc. (not altering text)
C1Pt. V (ss. 56-71) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))
(1)The Authority must prepare and issue a statement of its policy with respect to—
(a)the imposition of penalties under section 66; and
(b)the amount of penalties under that section.
(2)The Authority’s policy in determining what the amount of a penalty should be must include having regard to—
(a)the seriousness of the misconduct in question in relation to the nature of the principle or requirement concerned;
(b)the extent to which that misconduct was deliberate or reckless; and
(c)whether the person on whom the penalty is to be imposed is an individual.
(3)The Authority may at any time alter or replace a statement issued under this section.
(4)If a statement issued under this section is altered or replaced, the Authority must issue the altered or replacement statement.
(5)The Authority must, without delay, give the Treasury a copy of any statement which it publishes under this section.
(6)A statement issued under this section must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
(7)The Authority may charge a reasonable fee for providing a person with a copy of the statement.
(8)In exercising, or deciding whether to exercise, its power under section 66 in the case of any particular misconduct, the Authority must have regard to any statement of policy published under this section and in force at the time when the misconduct in question occurred.
Modifications etc. (not altering text)
C2Ss. 66-70 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 1 (with reg. 3)
C3Ss. 66-70 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 1
C4S. 69 applied (with modifications) (7.6.2010) by The Credit Rating Agencies Regulations 2010 (S.I. 2010/906), reg. 22(1)