Part XXII

Auditors and Actuaries

Disciplinary measures

Imposition of penalties on auditors or actuaries: statement of policy
345D
1
The FCA must prepare and issue a statement of its policy with respect to—
a
the imposition of penalties under section 345(2)(d), and
b
the amount of penalties under that provision.
2
If by virtue of an order under section 345A(1), the PRA has power to impose penalties under section 345A(4)(c), the PRA must prepare and issue a statement of its policy with respect to—
a
the imposition of penalties under section 345A(4)(c), and
b
the amount of penalties under that provision.
3
A regulator's policy in determining what the amount of a penalty should be must include having regard to—
a
the seriousness of the contravention, and
b
the extent to which the contravention was deliberate or reckless.
4
A regulator may at any time alter or replace a statement issued under this section.
5
If a statement issued under this section is altered or replaced, the regulator must issue the altered or replacement statement.
6
A regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.
7
A statement issued under this section must be published by the regulator in the way appearing to the regulator to be best calculated to bring it to the attention of the public.
8
In deciding whether to exercise a power under section 345(2)(d) in the case of any particular contravention, the FCA must have regard to any statement of policy published by it under this section and in force at a time when the contravention occurred.
9
In deciding whether to exercise a power under section 345A(4)(c) in the case of any particular contravention, the PRA must have regard to any statement of policy published by it under this section and in force at a time when the contravention occurred.
10
A regulator may charge a reasonable fee for providing a person with a copy of the statement.
Pt. 22 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(b), 62, Sch. 3 para. 5 (with reg. 3) (as amended (1.4.2013) by S.I. 2013/472, Sch. 2 para. 196(5)(e) and (18.9.2023) by S.I. 2023/790, regs. 1(2)(a), 2(3)(b))
Ss. 345-345E and cross-heading substituted for s. 345 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 7(1) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
Ss. 341-346 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 6 para. 7 (with reg. 3)