(1) The [FCA] must prepare and issue a statement (“its policy statement”) of its policy with respect to—
(a) the imposition of penalties under section 91; 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 in question in relation to the nature of the requirement contravened;
(b) the extent to which that contravention was deliberate or reckless; and
(c) whether the person on whom the penalty is to be imposed is an individual.
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