(1) The FCA must prepare and issue a statement of its policy with respect to -

(a) the imposition of penalties, suspensions, conditions, limitations or restrictions imposed under sections 66 (disciplinary powers), 205 (public censure), 206 (financial penalties) and 206A (suspending permission to carry on regulated activities etc.) of FSMA 2000 as applied by article 3;

(b) the amount of penalties imposed under sections 66 and 206 of FSMA 2000 as so applied;

(c) the period for which suspensions, conditions, limitations or restrictions imposed under sections 66 and 206A of FSMA 2000 as so applied are to have effect.

(2) The FCA's policy in determining what the amount of a penalty should be, or what the period for which a suspension, condition, limitation or restriction is to have effect should be, must include having regard to -

(a) the seriousness of the failure in question in relation to the nature of the requirement concerned;

(b) the extent to which that failure was deliberate or reckless; and

(c) whether the person against whom the action is to be taken is an individual.