{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-69",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-69.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "section/69",
  "kind": "section",
  "number": "69",
  "heading": "Statement of policy.",
  "text": "(1) Each regulator must prepare and issue a statement of its policy with respect to—\n(a) the imposition of penalties, suspensions, conditions or limitations under section 66;\n(b) the amount of penalties under that section; ...\n(c) the period for which suspensions or conditions under that section are to have effect.; and\n(d) the period for which approvals under section 59 are to have effect as a result of a limitation under section 66.\n(2) 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—\n(a) the seriousness of the misconduct in question in relation to the nature of the principle or requirement concerned;\n(b) the extent to which that misconduct was deliberate or reckless; and\n(c) whether the person against whom action is to be taken is an individual.\n(3) A regulator may at any time alter or replace a statement issued by it under this section.\n(4) If a statement issued under this section is altered or replaced by a regulator, the regulator must issue the altered or replacement statement.\n(5) A regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.\n(6) 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.\n(7) The regulator may charge a reasonable fee for providing a person with a copy of the statement.\n(8) 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.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 69(1) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(2) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 69(1)(a)-(c) substituted (8.6.2010) for s. 69(1)(a)(b) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 10(2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 69(1)(a) substituted (25.7.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 7(a); S.I. 2014/1819, art. 2(4)(b)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in s. 69(1)(b) omitted (25.7.2014) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 7(b); S.I. 2014/1819, art. 2(4)(b)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Word in s. 69(1)(c) substituted (25.7.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 7(c); S.I. 2014/1819, art. 2(4)(b)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "S. 69(1)(d) and word inserted (25.7.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 7(d); S.I. 2014/1819, art. 2(4)(b)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in s. 69(2) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in s. 69(2) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 10(3)(a)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in s. 69(2)(c) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 10(3)(b)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Words in s. 69(3) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(4)(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Words in s. 69(3) inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(4)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Words in s. 69(4) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(5) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F13",
      "text": "Words in s. 69(5) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(6) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F14",
      "text": "Words in s. 69(6) inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(7)(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F15",
      "text": "Words in s. 69(6) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(7)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F16",
      "text": "Word in s. 69(7) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(8) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F17",
      "text": "Words in s. 69(8) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(9)(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F18",
      "text": "Words in s. 69(8) inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 17(9)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Ss. 66-70 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 1 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 155(6)(a) (with Sch. 2 para. 156))"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "Ss. 66-70 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 1"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "S. 69 applied (with modifications) (7.6.2010) by The Credit Rating Agencies Regulations 2010 (S.I. 2010/906), reg. 22(1)"
    },
    {
      "type": "C",
      "label": "C4",
      "text": "Ss. 66-70 applied (with modifications) (15.1.2013) by The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 (S.I. 2012/3122), reg. 1, Sch. para. 1 (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(6)(a))"
    },
    {
      "type": "C",
      "label": "C5",
      "text": "S. 69 applied (E.W.) (9.7.2013) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013 (S.I. 2013/1635), regs. 1, 29(1)"
    },
    {
      "type": "C",
      "label": "C6",
      "text": "S. 69 applied (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 28(1)"
    },
    {
      "type": "C",
      "label": "C7",
      "text": "Ss. 66-70 applied (with modifications) by S.I. 2011/99, Sch. 5 para. 1 (as substituted (7.3.2016) by The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) Order 2016 (S.I. 2016/163), arts. 1, 4)"
    },
    {
      "type": "C",
      "label": "C8",
      "text": "Ss. 66-70 applied (with modifications) by S.I. 2009/209, Sch. 5 para. 1 (as substituted (7.3.2016) by The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) Order 2016 (S.I. 2016/163), arts. 1, 3)"
    },
    {
      "type": "C",
      "label": "C9",
      "text": "Ss. 66-70 applied (with modifications) S.I. 2012/3122, Sch. para. 1 (as amended) (7.3.2016) by The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) Order 2016 (S.I. 2016/163), arts. 1, 5"
    },
    {
      "type": "C",
      "label": "C10",
      "text": "Ss. 66-70 applied (with modifications) (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 1 para. 1 (with Sch. 1 paras. 13, 14)"
    },
    {
      "type": "C",
      "label": "C11",
      "text": "Ss. 66-70 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(b), 62, Sch. 3 para. 1 (with art. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(a) and (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 62(a) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv))"
    },
    {
      "type": "C",
      "label": "C12",
      "text": "Ss. 66-70 applied (with modifications) (13.8.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(b)(i)(6), Sch. 6 para. 1 (with reg. 3) (as amended (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 72(a) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv))"
    },
    {
      "type": "C",
      "label": "C13",
      "text": "Ss. 67-70 applied (with modifications) (14.1.2025 for specified purposes, 13.7.2026 in so far as not already in force) by The Short Selling Regulations 2025 (S.I. 2025/29), regs. 2(2)(3), 24, 25, Sch. 1 Pts. 1, 2; S.I. 2026/587, reg. 2(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/section/69",
    "retrieved_at": "2026-10-29T09:21:21.899993+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}