[2025] UKUT 00185 (TCC)

DEPP 6.5B.3 reads as follows, so far as relevant to this case:

“(1)

The FCA may increase or decrease the amount of the financial penalty arrived at after Step 2…to take into account factors which aggravate or mitigate the breach. Any such adjustments will be made by way of a percentage adjustment to the figure determined at Step 2.

(2)

The following list of factors may have the effect of aggravating or mitigating the breach:

(a)

the conduct of the individual in bringing (or failing to bring) quickly, effectively and completely the breach to the FCA's attention (or the attention of other regulatory authorities, where relevant);

(b)

the degree of cooperation the individual showed during the investigation of the breach by the FCA, or any other regulatory authority allowed to share information with the FCA;

(c)

whether the individual took any steps to stop the breach, and when these steps were taken;

(d)

any remedial steps taken since the breach was identified, including whether these were taken on the individual’s own initiative or that of the FCA or another regulatory authority;

(e)

whether the individual has arranged his resources in such a way as to allow or avoid disgorgement and/or payment of a financial penalty;

(f)

whether the individual had previously been told about the FCA's concerns in relation to the issue, either by means of a private warning or in supervisory correspondence;

(g)

whether the individual had previously undertaken not to perform a particular act or engage in particular behaviour;

(h)

whether the individual has complied with any requirements or rulings of another regulatory authority relating to the breach;

(i)

the previous disciplinary record and general compliance history of the individual;

(j)

…

(k)

whether FCA guidance or other published materials had already raised relevant concerns, and the nature and accessibility of such materials;…”