reg 76 Power to impose civil penalties: fines and statements
(1) Paragraph (2) applies if a designated supervisory authority is satisfied that any person (“P”) has contravened a relevant requirement imposed on that person. (2) A designated supervisory authority may do one or both of the following— (a) impose a penalty of such amount as it considers appropriate on P; (b) publish a statement censuring P. (3) If a designated supervisory authority considers that another person who was at the material time an officer of P was knowingly concerned in a contravention of a relevant requirement by P, the designated supervisory authority may impose on that person a penalty of such amount as it considers appropriate. (4) A designated supervisory authority must not impose a penalty on P under this regulation for contravention of a relevant requirement if the authority is satisfied that P took all reasonable steps and exercised all due diligence to ensure that the requirement would be complied with. (5) Where the FCA proposes to impose a penalty under this regulation on a PRA-authorised person or on a person who has a qualifying relationship with a PRA-authorised person, it must consult the PRA. (6) In deciding whether P has contravened a relevant requirement, the designated supervisory authority must consider whether at the time P followed— (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) any relevant guidance which was at the time— (i) issued by the FCA; or (ii) issued by any other supervisory authority or appropriate body and approved by the Treasury. (7) A penalty imposed under this Part is payable to the designated supervisory authority which imposes it. (8) For the purposes of this regulation— (a) “ appropriate ” means (other than in references to an appropriate body) effective, proportionate and dissuasive; (b) “ designated supervisory authority ” means the FCA or the Commissioners.