Subsequent conduct

4.23 The Registration Authority takes into consideration the conduct of the person after the contravention in determining the amount of the fine, including, for example, the following:
a. the conduct of the person in bringing (or failing to bring) the contravention quickly, effectively and completely to the attention of the Registration Authority;
b. the degree of cooperation the person showed during the investigation of the contravention;
c. any remedial steps the person has taken in relation to the contravention, including whether they were taken on the person’s own initiative or that of the Registration Authority. Remedial steps might include, for example:
i. correcting any misleading statement or impression;
ii. recruiting new staff to enhance or increase resources;
iii. ascertaining whether clients or customers suffered loss and compensating them if they have;
iv. if appropriate, taking disciplinary action against, or providing additional training for, staff involved in the contravention; and
v. introducing or improving policies, procedures or systems and controls to reduce the likelihood of the contravention arising in future; and
d. whether the person has complied with any requirements or decisions of the Registration Authority in relation to the contravention.
4.24 That the person has fully cooperated in the investigation of the contravention by the Registration Authority is a consideration tending to reduce the amount of the fine.
4.25 Generally, a licensed person is given recognition for being open and cooperative with the Registration Authority. The assessment of the level of cooperation offered by a person depends on the particular circumstances of the matter. A licensed person can demonstrate cooperation in many ways including, promptly reporting a contravention, taking responsibility for the matter and being open and communicative with the Registration Authority, taking steps to limit damage and being proactive in bringing the matter to an early conclusion.