Section 69: Statement of policy., Financial Services and Markets Act 2000

Each regulator must prepare and issue a statement of its policy with respect to—

the imposition of penalties, suspensions, conditions or limitations under section 66;

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 59 are to have effect as a result of a limitation under section 66.

A 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 in relation to the nature of the principle or requirement concerned;

the extent to which that misconduct was deliberate or reckless; and

whether the person against whom action is to be taken is an individual.

A regulator may at any time alter or replace a statement issued by it under this section.

If a statement issued under this section is altered or replaced by a regulator, the regulator must issue the altered or replacement statement.

A regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.

A statement issued under this section by a regulator must be published by the regulator in the way appearing to the regulator to be best calculated to bring it to the attention of the public.

The regulator may charge a reasonable fee for providing a person with a copy of the statement.

In exercising, or deciding whether to exercise, its power under section 66 in the case of any particular misconduct, a regulator must have regard to any statement of policy published by it under this section and in force at the time when the misconduct in question occurred.

Section 69: Statement of policy.

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