(1) Each regulator must prepare and issue a statement of its policy with respect to -
(a) the imposition of penalties, suspensions, conditions or limitations under section 66;
(b) the amount of penalties under that section;
(c) the period for which suspensions or conditions under that section are to have effect; and
(d) the period for which approvals under section 59 are to have effect as a result of a limitation under section 66.
(2) A regulator's policy in determining what the amount of a penalty should be, 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 misconduct in question in relation to the nature of the principle or requirement concerned;
(b) the extent to which that misconduct was deliberate or reckless; and
(c) whether the person against whom action is to be taken is an individual.
(3) A regulator may at any time alter or replace a statement issued by it under this section.
(4) If
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