(1) When determining the type of sanction, and level of any penalty, to be imposed on a person ("P") under regulation 76, 77 or 78, the FCA must take into account all relevant circumstances, including where appropriate -
(a) the gravity and the duration of the contravention or failure;
(b) the degree of responsibility of P;
(c) the financial strength of P;
(d) the amount of profits gained or losses avoided by P;
(e) the losses for third parties caused by the contravention or failure;
(f) the level of co-operation of P with the FCA;
(g) previous contraventions or failures by P; and
(h) any potential systemic consequences of the contravention or failure.
(1A) Before imposing a sanction on P under regulation 76, 77 or 78, the FCA must check whether P has any criminal convictions that may be relevant to the determination referred to in paragraph (1).
(2) If the FCA proposes to impose a sanction on P under regulation 76, 77 or 78 it must give P a warning notice.
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