(1) If the FCA considers that a person has contravened a requirement imposed by or under these Regulations, or by or under the CRA Regulation, it may impose a penalty on the person of such amount as it considers appropriate.

(2) A penalty imposed under this regulation -

(a) is payable to the FCA, and

(b) may be recovered as a debt due to the FCA.

(3) In imposing, or deciding whether to impose, a penalty under this regulation, the FCA must have regard to a statement of policy published under regulation 8 and in force at the time when the contravention occurred.