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The Payment Services Regulations 2017

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Changes over time for: Section 125

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Changes to legislation:

The Payment Services Regulations 2017, Section 125 is up to date with all changes known to be in force on or before 31 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

DirectionsU.K.

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125.—(1) The Payment Systems Regulator may give a direction in writing to any regulated person.

(2) A direction may be given for the purpose of—

(a)obtaining information about—

(i)compliance with a [F1qualifying] requirement; or

(ii)the application of a [F1qualifying] requirement to a person;

(b)remedying a failure to comply with a [F1qualifying] requirement; or

(c)preventing a failure to comply, or continued non-compliance, with a [F1qualifying] requirement.

[F2(2A)  The Payment Systems Regulator may give a direction in writing to a provider of cash withdrawal services falling within paragraph 2(o) of Schedule 1 for the purpose of ensuring that a customer using cash withdrawal services is provided with information including any applicable withdrawal charges, and, where a currency conversion service is offered, the exchange rate to be used for converting a payment transaction—

(a)before the withdrawal, and

(b)on receipt of the cash.]

[F3(3) A direction may—

(a)require or prohibit the taking of specified action,

(b)when given under paragraph (2A), set standards to be met by a provider of cash withdrawal services.]

(4) A direction may apply—

(a)in relation to all regulated persons or in relation to every regulated person of a specified description; or

(b)in relation to a specified regulated person or specified regulated persons.

[F4(4A) A direction setting standards under paragraph (3)(b) may impose rules on all providers of cash withdrawal services, or on such providers of a specified description.]

(5) A direction that applies as mentioned in paragraph (4)(a) is referred to in this Part as a “general direction”.

(6) A direction requiring the provision of information must specify the purpose for which the information is required, as appropriate, and the time within which the information is to be given.

(7) The Payment Systems Regulator must publish any general direction.

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