FHDDS51520 - Penalties, sanctions and offences: penalties – policy: Trading without approval - Penalty reductions for disclosure

The maximum penalty percentage can be reduced depending upon the quality of disclosure. A person makes a disclosure by:

• telling us about it (telling), see Telling

• giving us reasonable help (helping), Helping, and

• allowing us access to records for the purpose of checking what trading activities they have undertaken without approval (giving access), see Giving.

The penalty percentage cannot be reduced below a minimum amount which is determined by:

• the type of failure, for example, deliberate and concealed, and

• whether the disclosure is unprompted or prompted, see FHDDS51525.

The maximum and minimum penalty percentages for each type of failure are set out in FHDDS51500.

See FHDDS51800 if a person asks for a special reduction of the penalty.