[131J Imposition of penalties under section 131G: statement of policy]
[131J Imposition of penalties under section 131G: statement of policy]

[(1)     The [FCA] must prepare and issue a statement of its policy with respect to—

(a)     the imposition of penalties under section 131G; 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;

(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)     The [FCA] may at any time alter or replace a statement issued under this section.

(4)     If a statement issued under this section is altered or replaced, the [FCA] must issue the altered or replaced statement.