‘(4) In assessing what is proportionate in the regulation of approved regulators the Board shall have regard, inter alia, to—
(a) the regulator’s resources (including voluntary resources) and the effect on them of the Board’s acts;
(b) the effect on regulatory fees;
(c) the extent to which the Board’s acts might discourage entry to or retention in the regulated sector;
(d) the extent to which the number of persons regulated by a regulator might be reduced in consequence of the Board’s acts;
(e) the extent to which the regulator might be disadvantaged and another regulatory might derive an advantage, in particular through the movement between regulators of regulated persons as a consequence of the Board’s acts’.