The appropriate regulator must prepare and issue a statement of its policy with respect to—
the imposition of penalties, suspensions, conditions or limitations under section 309Z2,
the amount of penalties under that section,
the period for which suspensions or conditions under that section are to have effect, and
the period for which approvals under section 309G are to have effect as a result of a limitation under section 309Z2.
The appropriate regulator's policy in determining what the amount of a penalty should be, or what the period for which a suspension or restriction is to have effect should be, must include having regard to—
the seriousness of the misconduct in question,
the extent to which that misconduct was deliberate or reckless, and
whether the person against whom action is to be taken is an individual.
The appropriate regulator—
may alter or replace a statement issued under this section, and
if it does so, must issue the altered or replacement statement.
In exercising, or deciding whether to exercise, its power under section 309Z2 in the case of particular misconduct, the appropriate regulator must have regard to any statement of policy published under this section and in force at the time when the misconduct in question occurred.