Regulation 20 Statement of policy
The FCA must prepare and issue a statement of its policy with respect to the exercise of its powers and obligations under this Part, including—
the factors the FCA will consider when deciding whether to exercise a power in this Part (including the circumstances in which the FCA considers that the conditions in regulations 16(1) and 17(2) will be met),
the circumstances in which a measure imposed under a power in this Part may apply,
exceptions which may apply, and
the regular review by the FCA of a measure imposed under a power in this Part.
In exercising, or deciding whether to exercise, its powers under this Part, the FCA must have regard to the statement of policy published under this regulation and in force at the time in question.
Before the FCA issues a statement under paragraph (1) the FCA must publish a draft of the proposed statement.
The draft must be accompanied by a notice that representations about the proposed statement may be made to the FCA within a specified time.
Before issuing the proposed statement the FCA must have regard to any representations made to it in accordance with the notice referred to in paragraph (4).
If the FCA issues the proposed statement it must publish an account, in general terms, of—
the representations made to it in accordance with the notice referred to in paragraph (4), and
its response to them.
If the statement differs from the draft published under paragraph (3) in a way which the FCA considers to be significant, the FCA must (in addition to complying with paragraph (6)) publish details of the difference.
The FCA may charge a reasonable fee for providing a person with a copy of a draft published by it under paragraph (3).
This regulation also applies to a proposal to revise a statement unless the FCA considers that the proposed revision is of a minor nature.
The FCA must, without delay, give the Treasury a copy of any statement which it publishes under this regulation.