If we consider the figure arrived at after Step 3 is insufficient to deter the firm or person who committed the contravention, or others, from committing further or similar contraventions then we may increase the financial penalty. Circumstances where we may do this include:
(a) where we consider the absolute value of the financial penalty too low in relation to the contravention to meet our objective of credible deterrence;
(b) where our previous action in respect of similar contravention has failed to improve industry standards;
(c) where we consider it is likely that similar contraventions will be committed by the firm or by others in the future in the absence of such an increase to the financial penalty; and
(d) where we considers that the likelihood of the detection of such a contravention is low.