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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 July 2021 - onwards
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143Y. Statement of policy for penalties under section 143W

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

(a) the imposition of penalties under section 143W, and

(b) the amount of penalties under that section.

(2) The FCA's policy in determining what the amount of a penalty should be must include having regard to -

(a) the seriousness of the contravention,

(b) the extent to which the contravention was deliberate or reckless, and

(c) whether the person on whom the penalty is to be imposed is an individual.

(3) The FCA may at any time alter or replace a statement issued under this section.

(4) If a statement issued under this section is altered or replaced, the FCA must issue the altered or replacement statement.

(5) In exercising, or deciding whether to exercise, a power under section 143W(2) in the case of any particular contravention, the FCA must have regard to any statement of policy published under this section and in force at a time when the contravention occurred.

(6) A statement under this section must be pub

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