C5 Part V Performance of Regulated Activities

Annotations:
Modifications etc. (not altering text)
C5

Pt. V (ss. 56-71) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

F19Conduct of approved persons and others

Annotations:
Amendments (Textual)
F19

Ss. 64A, 64B and cross-heading inserted (25.7.2014 for specified purposes, 7.3.2016 for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 30(3), 148(5); S.I. 2014/1819, art. 2(2)(c); S.I. 2015/490, art. 2(1)(d) (as inserted by S.I. 2015/2055, art. 2(4) and with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

C1C2C3C4C6C7C8C10C9C1169 Statement of policy.

1

F4Each regulator must prepare and issue a statement of its policy with respect to—

F1a

the imposition of penalties, suspensionsF16, conditions or limitations under section 66;

b

the amount of penalties under that section; F18...

c

the period for which suspensions or F17conditions under that section are to have effect.F15; and

d

the period for which approvals under section 59 are to have effect as a result of a limitation under section 66.

2

F5A regulator's policy in determining what the amount of a penalty should be F2, or what the period for which a suspension or restriction is to have effect should be, must include having regard to—

a

the seriousness of the misconduct in question in relation to the nature of the principle or requirement concerned;

b

the extent to which that misconduct was deliberate or reckless; and

c

whether F3the person against whom action is to be taken is an individual.

3

F6A regulator may at any time alter or replace a statement issued F7by it under this section.

4

If a statement issued under this section is altered or F8replaced by a regulator, the regulator must issue the altered or replacement statement.

5

F9A regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.

6

A statement issued under this section F10by a regulator must be published by F11the regulator in the way appearing to F11the regulator to be best calculated to bring it to the attention of the public.

7

The F12regulator may charge a reasonable fee for providing a person with a copy of the statement.

8

In exercising, or deciding whether to exercise, its power under section 66 in the case of any particular misconduct, F13a regulator must have regard to any statement of policy published F14by it under this section and in force at the time when the misconduct in question occurred.