The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
SRA Handbook
Appendix 1
Version 21 of the Handbook was published on 06/12/2018. For more information, please click 'History' Above
Appendix 1
Financial Penalty Criteria (Rule 3.2)
- 1
-
In this appendix, the term "misconduct" shall mean conduct or behaviour resulting in an SRA finding.
- 2
-
In deciding the amount of a financial penalty, the SRA will take into account all relevant circumstances, including that any financial penalty should, so far as practicable:
- (a)
-
be proportionate to the misconduct;
- (b)
-
be proportionate to any harm done;
- (c)
-
be of an amount that is likely to deter repetition of the misconduct by the person directed to pay the penalty and to deter misconduct by others;
- (d)
-
eliminate any financial gain or other benefit obtained as a direct or indirect consequence of the misconduct;
- (e)
-
be proportionate to the means of the person directed to pay it;
- (f)
-
take into account the intent, recklessness or neglect that led to the misconduct;
- (g)
-
take into account any mitigating or aggravating circumstances; and
- (h)
-
take into account indicative guidance published by the SRA from time to time.
- 3
-
Aggravating circumstances include:
- (a)
-
failure to correct, or delay in correcting, any harm caused as a result of the misconduct;
- (b)
-
failure to co-operate with the SRA investigation or the investigation of any other regulator or ombudsman;
- (c)
-
failure to admit, or delay in admitting, any misconduct;
- (d)
-
that the regulated person has been the subject of other findings by the SRA, the Tribunal, or any other approved regulator or the appellate body.
- 4
-
Mitigating circumstances include:
- (a)
-
prompt correction of any harm caused as a result of the misconduct;
- (b)
-
prompt admission of any misconduct;
- (c)
-
taking steps to prevent future misconduct.
- 5
-
When considering a regulated person's means the SRA shall take into account:
- (a)
-
all relevant information of which the SRA is aware; and
- (b)
-
any statement of means, verified by a statement of truth, which has been provided by the regulated person.
- 6
-
The SRA may take into account in considering a regulated person's means any failure to provide a statement of means following a reasonable request by the SRA to do so under rule 8(1).