In discharging its regulatory functions (whether in connection with a reserved legal activity or otherwise) an approved regulator must comply with the requirements of this section.
The approved regulator must, so far as is reasonably practicable, act in a way—
which is compatible with the regulatory objectives, and
which the approved regulator considers most appropriate for the purpose of meeting those objectives.
The approved regulator must have regard to—
the principles under which regulatory activities should be transparent, accountable, proportionate, consistent and targeted only at cases in which action is needed, and
any other principle appearing to it to represent the best regulatory practice.