Financial Services and Markets Act 2000

93 Statement of policy. U.K.

(1) The [F1 FCA] must prepare and issue a statement (“its policy statement”) of its policy with respect to—

(a) the imposition of penalties under section 91; and

(b) the amount of penalties under that section.

(2) The [F1 FCA'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 contravened;

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

(c) whether the person on whom the penalty is to be imposed is an individual.

(3) The [F1 FCA] may at any time alter or replace its policy statement.

(4) If its policy statement is altered or replaced, the [F1 FCA] must issue the altered or replacement statement.

(5) In exercising, or deciding whether to exercise, its power under section 91 in the case of any particular contravention, the [F1 FCA] must have regard to any policy statement published under this section and in force at the time when the contravention in question occurred.

(6) The [F1 FCA] must publish a statement issued under this section in the way appearing to the [F1 FCA] to be best calculated to bring it to the attention of the public.

(7) The [F1 FCA] may charge a reasonable fee for providing a person with a copy of the statement.

(8) The [F1 FCA] must, without delay, give the Treasury a copy of any policy statement which it publishes under this section.

Textual Amendments

F1 Words in ss. 89A-97 substituted (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. 16(2)(3)(g), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.