New section 131J: Imposition of penalties under section 131G: statement of policy
146.This section requires the FSA to issue a statement of its policy in relation to the imposition and amount of penalties. The policy set out in the statement must take account of the factors set out in subsection (2).
147.Under subsection (3) the FSA is given power to alter or replace the statement of policy. If it does so, it must, under subsection (4), issue the revised statement.
148.Subsections (5) and (6) require the FSA to give the Treasury a copy of any statement of policy it publishes, and to publish the statement so as to ensure that it is brought to public attention.
149.Subsection (7) enables the FSA to charge a fee for providing a copy of the statement of policy.
150.Subsection (8) requires the FSA to have regard to the statement in force at the time of the misconduct when imposing penalties under new section 131G.