[Part 3 Penalties and Fees]
[Part 3 Penalties and Fees]

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In determining its policy with respect to the amounts of penalties to be imposed by it under this Act, the FCA must take no account of the expenses which it incurs, or expects to incur, in discharging its functions.

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(1)     The FCA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.

(2)     The FCA's “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under this Act.

(3)     The FCA's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—

(a)     the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or

(b)     the recovery of penalties imposed under this Act [or under a provision mentioned in sub-paragraph (4A)].

(4)     For this purpose the FCA's enforcement powers are—

(a)     its powers under any of the provisions mentioned in section 133(7A),

(b)     its powers under section 56 (prohibition orders),

(c)     its powers under Part 25 of this Act (injunctions and restitution),

[(ca)     its powers under the relevant competition provisions (as applied by Part 16A of this Act),]

(d)     its powers under any other enactment specified by the Treasury by order,

(e)     its powers in relation to the investigation of relevant offences, and

(f)     its powers in England and Wales or Northern Ireland in relation to the prosecution of relevant offences.

[(4A)     The relevant competition provisions” are—

(a)     section 31E

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