Regulation 16 Statement of policy on imposition of penaltiesI1

The FCA may prepare and issue a statement of policy with respect to the imposition and amount of penalties under regulation 12.

A statement of policy must require the FCA, in determining whether to impose a penalty under regulation 12 and the amount of a penalty under that regulation, to have regard to the matters referred to in regulation 15.

The FCA may, at any time, alter or replace a statement of policy issued under this regulation.

Where a statement of policy is altered or replaced, the FCA must issue the altered statement or the statement by which it is replaced.

The FCA must, without delay, give the Treasury a copy of each statement of policy issued under this regulation and publish that statement, as the statement currently in force, in a manner which appears to the FCA to be best calculated to bring it to the attention of the public.

The FCA may charge a reasonable fee for providing a person with a copy of any statement of policy issued under this regulation.

If the FCA issues a statement of policy under this regulation, paragraph (8) applies in relation to the FCA's exercise, or decision whether to exercise, its power to impose a penalty for the contravention of a relevant requirement, and its determination of the amount of a penalty to be imposed for the contravention.

The FCA must have regard to the statement of policy which was in force at the time of the contravention.