(1) Each appropriate regulator must prepare and issue a statement of its policy with respect to -
(a) the imposition of penalties under sections 312F and 312FA and prohibitions under section 312FA,
(b) the amount of penalties under those sections; and
(c) the period for which prohibitions under section 312FA are to have effect.
(2) An appropriate regulator's policy in determining what the amount of a penalty should be, or what the period for which a prohibition is to have effect should be, must include having regard to -
(a) the seriousness of the contravention in question in relation to the nature of the requirement concerned,
(b) the extent to which that contravention was deliberate or reckless; and
(c) whether the person against whom action is to be taken is an individual.
(3) An appropriate regulator may at any time alter or replace a statement issued by it under this section.
(4) If a statement issued by an appropriate regulator under this section is altered or replaced, the regul
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