Textual Amendments
F1Pt. 12B inserted (28.12.2020 for specified purposes, 29.12.2020 in so far as not already in force) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(3)(a)(b), 2(7) (with reg. 5)
(1)The PRA must prepare and issue a statement of policy with respect to—
(a)the taking of measures, including directions, under section 192T;
(b)the imposition of penalties under section 192Y;
(c)the amount of penalties under that section.
(2)The PRA’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 PRA 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 PRA must issue the altered or replacement statement.
(5)In imposing, or deciding whether to impose a penalty under section 192Y(2) in the case of any particular contravention, the PRA 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 PRA in the way appearing to the PRA to be best calculated to bring it to the attention of the public.
(7)The PRA may charge a reasonable fee for providing a person with a copy of the statement published under this section.
(8)The PRA must, without delay, give the Treasury a copy of any statement which it publishes under this section.]