5(1)The economic regulator must prepare and publish a statement of policy with respect to the imposition of penalties and the determination of their amount.
(2)In deciding whether to impose a penalty, and in determining the amount of any penalty, in respect of a contravention the economic regulator must have regard to its statement of policy most recently published at the time when the contravention occurred.
(3)The economic regulator may revise its statement of policy and where it does so must publish the revised statement.
(4)Publication under this paragraph must be in such manner as the economic regulator considers appropriate for the purpose of bringing the matters contained in the statement of policy to the attention of persons likely to be affected by them.
(5)The economic regulator must undertake such consultation as it considers appropriate when preparing or revising its statement of policy.
Commencement Information
I1Sch. 3 para. 5 in force at 26.12.2023 see s. 334(3)(a)