After section 39B of the 1974 Act (inserted by section 53 of this Act) insert—
(1)The OFT shall prepare and publish a statement of policy in relation to how it exercises, or how it proposes to exercise, its powers under section 39A.
(2)If the OFT revises the statement of policy at any time after it has been published, the OFT shall publish it as revised.
(3)No statement of policy shall be published without the approval of the Secretary of State.
(4)The statement of policy shall be published in such manner as the OFT thinks fit for the purpose of bringing it to the attention of those likely to be affected by it.
(5)In preparing or revising the statement of policy the OFT shall consult such persons as it thinks fit.
(6)In determining whether and how to exercise its powers under section 39A in relation to a person’s failure, the OFT shall have regard to the statement of policy as most recently published at the time the failure occurred.
(7)The OFT shall not impose a penalty on a person under section 39A in relation to a failure occurring before it has published a statement of policy.”