151.This section requires the Authority to issue a statement of its policy on the circumstances in which it will impose penalties on approved persons under section 66 and the basis on which the level of penalties will be determined for different types of misconduct.  The policy set out in the statement must take into account a number of factors which are set out in subsection (2).
152.Subsection (8) requires the Authority to have regard to the statement in force at the time of the misconduct when imposing penalties under this Part.
Commentary on Sections Part V: Performance of Regulated Activities Section 69: Statement of policy