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EN-3.2.4

When considering whether to issue a formal warning, the criteria taken into consideration by the CBB include the following:

(a) The seriousness of the actual or potential contravention, in relation to the requirement(s) concerned and the risks posed to the licensee's policyholdersG and other stakeholders;
(b) In the case of an actual contravention, its duration and/or frequency of the contravention; the extent to which it reflects more widespread weaknesses in controls and/or management; and the extent to which it was attributable to deliberate or reckless behaviour; and
(c) The extent to which the CBB's supervisory objectives would be better served by issuance of a formal warning as opposed to another type of supervisory action.
Amended: January 2007
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Up to Jun 30 2007Jul 1 2007 onwards
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