Update to how we describe civil financial penalties
We have updated our guidance to explain what we will include in public statements when we impose a civil financial penalty on a firm.
Public statements will show the intermediate penalty figure reached after Steps 1–8 of our methodology. This figure forms part of the calculation and is not the final penalty. The statement will also explain whether the figure was reduced at Step 9 because it exceeded the maximum permitted by law. Where relevant, it will also explain how any later methodology adjustment or settlement affected the amount, before stating the final penalty imposed.
This will provide greater transparency and understanding of how we apply our civil financial penalty framework. The level of detail provided in public statements will depend on the circumstances of the case.