PART 9C

Prudential regulation of FCA investment firms

Disciplinary measures for non-authorised parent undertakings

Statement of policy for penalties under section 143W
143Y
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.
Pt. 9C inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 1; S.I. 2021/671, reg. 4(b)