http://www.legislation.gov.uk/ukpga/2013/33/section/71/2018-10-26Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-06Expert Participation2018-10-26 PART 5Regulation of payment systems<Emphasis>Enforcement and appeals</Emphasis>Meaning of “compliance failure”71In this Part “compliance failure” means a failure by a participant in a regulated payment system to—acomply with a direction given under section 54, ...bcomply with a requirement imposed under section 55 or 56 ; orccomply with rules made by the Regulator under paragraph 9A of Schedule 4.S. 71(c) and word inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 10(3)(b)S. 71 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1Word in s. 71(a) omitted (26.10.2018) by virtue of The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 10(3)(a)
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<Strong>PART 5</Strong>
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<Title>Regulation of payment systems</Title>
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71
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In this Part “
<Term id="term-compliance-failure">compliance failure</Term>
” means a failure by a participant in a regulated payment system to—
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comply with a direction given under section 54,
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...
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comply with a requirement imposed under section 55 or 56
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S. 71(c) and word inserted (26.10.2018) by
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S. 71 in force at 1.3.2014 by
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Word in s. 71(a) omitted (26.10.2018) by virtue of
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,
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