(1) The FCA must prepare and issue a statement of its policy with respect to -
(a) the imposition of penalties under section 345(2)(d), and
(b) the amount of penalties under that provision.
(2) If by virtue of an order under section 345A(1), the PRA has power to impose penalties under section 345A(4)(c), the PRA must prepare and issue a statement of its policy with respect to -
(a) the imposition of penalties under section 345A(4)(c), and
(b) the amount of penalties under that provision.
(3) A regulator's policy in determining what the amount of a penalty should be must include having regard to -
(a) the seriousness of the contravention, and
(b) the extent to which the contravention was deliberate or reckless.
(4) A regulator may at any time alter or replace a statement issued under this section.
(5) If a statement issued under this section is altered or replaced, the regulator must issue the altered or replacement statement.
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