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

(a) the imposition of penalties under regulation 11 (financial penalties); and

(b) the amount of penalties under that regulation.

(2) The policy must require the FCA, in determining the amount of penalties, to have regard to -

(a) the gravity and duration of the infringement;

(b) the criticality of the benchmark to financial stability and the real economy;

(c) the degree of responsibility of the responsible person;

(d) the financial strength of the responsible person, as indicated, in particular, by the total annual turnover of the responsible legal person or the annual income of the responsible natural person;

(e) the level of the profits gained or the losses avoided by the responsible person, insofar as they can be determined;

(f) the level of cooperation of the responsible person with the FCA, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;

(g) previous infringements by the person concerned;