Member

Clause 16(3) already provides that regulations must require the FCA to publish a policy statement on financial penalties, as well as setting out other matters that the regulations may cover. The current drafting of the Bill already ensures that financial penalties imposed by the FCA will be subject to an appeals process, as will be the case for financial penalties issued by other enforcers under the Bill. Appropriate safeguards are put in place on the FCA’s ability to introduce a levy in order to meet the costs incurred in implementing a smart data scheme.