The DFSA will consider reducing the amount of a financial penalty if a firm will suffer serious financial hardship as a result of having to pay the entire financial penalty. In deciding whether it is appropriate to reduce the financial penalty, the DFSA will take into consideration the firm's financial circumstances, including whether the financial penalty would render the firm insolvent or threaten the firm's solvency. The DFSA will also take into account its statutory objectives, for example, in situations where consumers would be harmed or market confidence would suffer, the DFSA may consider it appropriate to reduce a financial penalty in order to allow a firm to continue in business and/or pay redress.
Inserted (Made 21st August 2014). August 2014 Edition