[F1312JStatement of policyU.K.
(1)Each appropriate regulator must prepare and issue a statement of its policy with respect to—
(a)the imposition of penalties under section 312F, and
(b)the amount of penalties under that section.
(2)An appropriate regulator's policy in determining what the amount of a penalty should be must include having regard to—
(a)the seriousness of the contravention in question in relation to the nature of the requirement concerned, and
(b)the extent to which that contravention was deliberate or reckless.
(3)An appropriate regulator may at any time alter or replace a statement issued by it under this section.
(4)If a statement issued by an appropriate regulator under this section is altered or replaced, the regulator must issue the altered or replacement statement.
(5)In exercising, or deciding whether to exercise, its power under section 312F in the case of any particular contravention, an appropriate regulator must have regard to any statement of policy published by it under this section and in force at a time when the contravention in question occurred.
(6)A statement issued by an appropriate regulator under this section must be published by the regulator in the way appearing to the regulator to be best calculated to bring it to the attention of the public.
(7)An appropriate regulator may charge a reasonable fee for providing a person with a copy of the statement.
(8)An appropriate regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.]
Textual Amendments
F1Pt. 18 Ch. 3B 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. 33, 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.