SRA Handbook

Appendix 1

Version 19 of the Handbook was published on 1 October 2017. For more information, please click "History" above.

Appendix 1

Financial Penalty Criteria (Rule 3.2)


In this appendix, the term "misconduct" shall mean conduct or behaviour resulting in an SRA finding.


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:


be proportionate to the misconduct;


be proportionate to any harm done;


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;


eliminate any financial gain or other benefit obtained as a direct or indirect consequence of the misconduct;


be proportionate to the means of the person directed to pay it;


take into account the intent, recklessness or neglect that led to the misconduct;


take into account any mitigating or aggravating circumstances; and


take into account indicative guidance published by the SRA from time to time.


Aggravating circumstances include:


failure to correct, or delay in correcting, any harm caused as a result of the misconduct;


failure to co-operate with the SRA investigation or the investigation of any other regulator or ombudsman;


failure to admit, or delay in admitting, any misconduct;


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.


Mitigating circumstances include:


prompt correction of any harm caused as a result of the misconduct;


prompt admission of any misconduct;


taking steps to prevent future misconduct.


When considering a regulated person's means the SRA shall take into account:


all relevant information of which the SRA is aware; and


any statement of means, verified by a statement of truth, which has been provided by the regulated person.


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).

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