ENF 13.2 Introduction

Sections 69 and 210 of the Act require the FSA to issue statements of policy about the imposition of financial penalties on firms and approved persons. The material in this chapter constitutes the FSA's statements of policy and guidance under those provisions. The FSA may at any time alter or replace these statements of policy after consultation.

The FSA is required to have regard to these statements of policy in exercising, or deciding whether to exercise, its powers under sections 66 (Disciplinary powers) and 206 (Financial penalties) of the Act.