Textual Amendments
F1Pt. 12A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 27, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
(1)Each regulator must prepare and issue a statement of policy with respect to—
(a)the imposition of penalties under section 192K, and
(b)the amount of penalties under that section.
(2)A regulator'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)A regulator 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 regulator must issue the altered or replacement statement.
(5)In exercising, or deciding whether to exercise, a power under section 192K(2) in the case of any particular contravention, a regulator must have regard to any statement of policy published under this section and in force at a time when the contravention occurred.
(6)A statement under this section must be published by the regulator concerned in the way appearing to the regulator to be best calculated to bring it to the attention of the public.
(7)A regulator may charge a reasonable fee for providing a person with a copy of the statement published under this section.
(8)A regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.
(9)Section 192I applies in relation to a statement under this section as it applies in relation to a statement under section 192H.]