Section 83ZS Determination of sanctionsF1

When determining the type of sanction, and level of any penalty, to be imposed on a person under section 83ZR, the Bank of England must take into account all relevant circumstances, including where appropriate—

(a)

the gravity and the duration of the failure,

(b)

the degree of responsibility of the person,

(c)

the financial strength of the person,

(d)

the amount of profits gained or losses avoided by the person,

(e)

the losses for third parties caused by the failure,

(f)

the level of co-operation of the person with the Bank,

(g)

previous failures by the person, and

(h)

any potential systemic consequences of the failure.

Annotations

Textual amendments

F1: Pt. 1 Ch. 4 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 97

Notes on Part 1

Modifications

C1: Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C2: Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2