143YStatement of policy for penalties under section 143WU.K.

(1)The FCA must prepare and issue a statement of policy with respect to—

(a)the imposition of penalties under section 143W, and

(b)the amount of penalties under that section.

(2)The FCA's policy in determining what the amount of a penalty should be must include having regard to—

(a)the seriousness of the contravention,

(b)the extent to which the contravention was deliberate or reckless, and

(c)whether the person on whom the penalty is to be imposed is an individual.

(3)The FCA may at any time alter or replace a statement issued under this section.

(4)If a statement issued under this section is altered or replaced, the FCA must issue the altered or replacement statement.

(5)In exercising, or deciding whether to exercise, a power under section 143W(2) in the case of any particular contravention, the FCA must have regard to any statement of policy published under this section and in force at a time when the contravention occurred.

(6)A statement under this section must be published by the FCA in the way appearing to the FCA to be best calculated to bring it to the attention of the public.

(7)The FCA must, without delay, give the Treasury a copy of any statement which it publishes under this section.

(8)The FCA may charge a reasonable fee for providing a person with a copy of a statement published under this section.]