SCHEDULE 1 U.K.Application and modification of the Financial Services and Markets Act 2000 and secondary legislation

Statements of policy U.K.

3.  Sections 210 (statements of policy) and 211 (statements of policy: procedure) of the Act M1 apply in respect of the imposition of penalties under regulation 6 and the amount of such penalties as they apply in respect of the imposition of penalties under Part 14 of the Act (disciplinary measures) and the amount of penalties under that Part, as if—

(a) references to a regulator were references to the FCA;

(b) in section 210—

(i) subsection (1A) were omitted;

(ii) in subsection (2), the “and” at the end of paragraph (b) were omitted and after paragraph (c) there were inserted—

[F1 “(d) the gravity and the duration of the infringement;

(e) the degree of responsibility of the person responsible for the infringement;

(f) the impact of the infringement on retail investors' interests;

(g) the cooperative behaviour of the person responsible for the infringement;

(h) any previous infringements by the person responsible for the infringement;

(i) measures taken after the infringement by the person responsible for the infringement to prevent its repetition.”];

(iii) in subsection (7) the reference to the power under section 206 or 206A were a reference to the power under regulation 6.

Textual Amendments

F1 Words in Sch. 1 para. 3(b)(ii) substituted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 2(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Marginal Citations

M1 Section 210 was amended by paragraph 20 of Schedule 2 to the Financial Services Act 2010 and paragraph 17 of Schedule 9 to the Financial Services Act 2012. Section 211 was amended by paragraph 18 of Schedule 9 to the Financial Services Act 2012.