The Financial Services Act 2012 (Consumer Credit) Order 2013

Statements of policyU.K.

This adran has no associated Memorandwm Esboniadol

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

(a)the imposition of penalties, suspensions [F1, conditions, limitations] or restrictions imposed under sections 66 (disciplinary powers), 205 (public censure), 206 (financial penalties) and 206A (suspending permission to carry on regulated activities etc.) of FSMA 2000 as applied by article 3;

(b)the amount of penalties imposed under sections 66 and 206 of FSMA 2000 as so applied;

(c)the period for which suspensions [F2, conditions, limitations] or restrictions imposed under sections 66 and 206A of FSMA 2000 as so applied are to have effect.

(2) The FCA's policy in determining what the amount of a penalty should be, or what the period for which a suspension [F3, condition, limitation] or restriction is to have effect should be, must include having regard to—

(a)the seriousness of the failure in question in relation to the nature of the requirement concerned;

(b)the extent to which that failure was deliberate or reckless; and

(c)whether the person against whom the action is to be taken is an individual.

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

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

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

(6) A statement by the FCA issued under this article 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) In exercising, or deciding whether to exercise, its powers under section 66, 205, 206 or 206A of FSMA 2000 as applied by article 3 in the case of any particular contravention, the FCA must have regard to any statement published by it under this article and in force at the time when the contravention in question occurred.

Textual Amendments