Part VI Official Listing

Penalties

93 Statement of policy.

(1)

The F1FCA 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 F1FCA'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 F1FCA may at any time alter or replace its policy statement.

(4)

If its policy statement is altered or replaced, the F1FCA 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 F1FCA 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 F1FCA must publish a statement issued under this section in the way appearing to the F1FCA to be best calculated to bring it to the attention of the public.

(7)

The F1FCA may charge a reasonable fee for providing a person with a copy of the statement.

(8)

The F1FCA must, without delay, give the Treasury a copy of any policy statement which it publishes under this section.