Section 63C(2)

Each regulator's policy in determining whether a penalty should be imposed, and what the amount of a penalty should be, must include having regard to— the conduct of the person on whom the penalty is to be imposed; the extent to which the person could reasonably be expected to have known that a controlled function was performed without approval; the length of the period during which the person performed a controlled function without approval; and whether the person on whom the penalty is to be imposed is an individual.

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Source: legislation.gov.uk · retrieved 2026-09-04