[(1) Each regulator must prepare and issue a statement of policy with respect to—
(a) the imposition of penalties under section 142S, and
(b) the amount of penalties under that section.
(2) 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,
(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) A regulator may at any time alter or replace a statement issued under this section.
(4) If a statement issued
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