Schedule 10, Part 1, Chapter 2A, paragraph 309W(2)

The appropriate 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 designated senior management function was performed without approval, the length of the period during which the person performed a designated senior management 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