MIR 2.12.7

In assessing whether a Recognised Body's arrangements include appropriate provision for ensuring the application of any financial penalties in ways described in the Recognition Requirement, the Regulator may have regard to:

(a) the Recognised Body's policy regarding the application of financial penalties; and
(b) the arrangements made for applying that policy in individual cases,

but the Regulator does not consider that it is necessary for Recognised Bodies to follow any specific policy in order to meet this Recognition Requirement.