(1) The FCA and the PRA must prepare and issue a statement of policy with respect to their exercise of the following functions as appropriate regulator -
(a) the imposition of a prohibition under regulation 5 (temporary prohibition relating to management functions);
(b) the period of a prohibition under that regulation;
(c) the imposition of penalties under regulation 8 (financial penalties); and
(d) the amount of penalties under that regulation.
(2) The policy must require the appropriate regulator, in determining the amount of a penalty to be imposed on any person, to take account of all relevant circumstances including, where appropriate -
(a) the impact, gravity and duration of the contravention for which the penalty is to be imposed;
(b) the extent of the person’s responsibility for the contravention;
(c) the financial position of the person;
(d) the amount of profit gained or of loss avoided as a result of the contravention, so far as this can be determined;
(e) the amount of l
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