Textual Amendments
F1Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)
Textual Amendments
F2Word in cross-heading preceding s. 131G substituted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(6)
(1)The [F3FCA] must prepare and issue a statement of its policy with respect to—
(a)the imposition of penalties under section 131G; and
(b)the amount of penalties under that section.
(2)The [F3FCA's] policy in determining what the amount of a penalty should be must include having regard to—
(a)the seriousness of the contravention;
(b)the extent to which the contravention was deliberate or reckless; and
(c)whether the person on whom the penalty is to be imposed is an individual.
(3)The [F3FCA] 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 [F3FCA] must issue the altered or replaced statement.
(5)The [F3FCA] 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 [F3FCA] in the way appearing to the [F3FCA] to be best calculated to bring it to the attention of the public.
(7)The [F3FCA] may charge a reasonable fee for providing a person with a copy of the statement.
(8)In exercising, or deciding whether to exercise, a power under section 131G in the case of any particular contravention, the [F3FCA] must have regard to any statement of policy published under this section and in force at a time when the contravention occurred.]
Textual Amendments
F3Word in Pt. 8A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 25(1), 122(3) (with s. 25(2), Sch. 20); S.I. 2013/423, art. 3, Sch.