The appropriate regulator must prepare and issue a statement of its policy with respect to—
The appropriate regulator's policy in determining whether a penalty should be imposed, and what the amount of a penalty should be, must include having regard to—
The appropriate regulator's policy in determining whether a penalty should be imposed on a person must also include having regard to the appropriateness of taking action against the person instead of, or in addition to, taking action against a relevant recognised body.
A statement issued under this section must include an indication of the circumstances in which the appropriate regulator would expect to be satisfied that a person could reasonably be expected to have known that the person was performing a designated senior management function without approval.
The appropriate regulator—
When imposing, or deciding whether to impose, a penalty on a person under section 309U, the appropriate regulator must have regard to any statement of policy published under this section (which was in force at a time when the person performed a designated senior management function without approval).