Penalties
19 In determining its policy with respect to the amounts of penalties to be imposed by it under this Act, the FCA must take no account of the expenses which it incurs, or expects to incur, in discharging its functions.
(1) The FCA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.
(2) The FCA's "penalty receipts" in respect of a financial year are any amounts received by it during the year by way of penalties imposed under this Act.
(3) The FCA's "enforcement costs" in respect of a financial year are the expenses incurred by it during the year in connection with -
(a) the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or
(b) the recovery of penalties imposed under this Act or under a provision mentioned in sub-paragraph (4A).
For this purpose the FCA's enforcement powers are -
(a) its powers under any of the provis
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