Part XIV Disciplinary Measures

210 Statements of policy.

(1)

F1Each regulator must prepare and issue a statement of its policy with respect to—

F2(a)

the imposition of penalties, suspensions or restrictions under this Part;

(b)

the amount of penalties under this Part; and

(c)

the period for which suspensions or restrictions under this Part are to have effect.

F3(1A)

Each regulator's policy with respect to the imposition of penalties, suspensions or restrictions under this Part must include policy with respect to their imposition in relation to conduct which constitutes or may constitute an offence by virtue of section 23(1A) (authorised persons carrying on credit-related regulated activities otherwise than in accordance with permission).

(2)

F4A regulator's policy in determining what the amount of a penalty should be F5, or what the period for which a suspension or restriction is to have effect should be, must include having regard to—

(a)

the seriousness of the contravention in question in relation to the nature of the requirement contravened;

(b)

the extent to which that contravention was deliberate or reckless; and

(c)

whether F6the person against whom action is to be taken is an individual.

(3)

F7A regulator may at any time alter or replace a statement issued F8by it under this section.

(4)

If a statement issued under this section is altered or F9replaced by a regulator, the regulator must issue the altered or replacement statement.

(5)

F10A regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.

(6)

A statement issued under this section F11by a regulator must be published by the F12regulator in the way appearing to the F12regulator to be best calculated to bring it to the attention of the public.

(7)

In exercising, or deciding whether to exercise, its power under section 206 F13or 206A in the case of any particular contravention, F14a regulator must have regard to any statement published F15by it under this section and in force at the time when the contravention in question occurred.

(8)

The F16regulator may charge a reasonable fee for providing a person with a copy of the statement.