S. 72 in force at 29.8.2023, see s. 86(2)(i)
The Payment Systems Regulator must prepare and publish a draft of a relevant requirement for reimbursement in such qualifying cases of payment orders as the Regulator considers should be eligible for reimbursement.
A case is a “
the case relates to a payment order executed over the Faster Payments Scheme, and
the payment order was executed subsequent to fraud or dishonesty.
The draft of the relevant requirement must—
be published in the way appearing to the Payment Systems Regulator to be best calculated to bring it to the attention of the public;
be accompanied by notice that representations about the proposed relevant requirement may be made to the Payment Systems Regulator within a specified time.
The duty imposed by subsection (1) must be carried out before the end of two months beginning with the day on which this section comes into force.
The Payment Systems Regulator must impose a relevant requirement, in whatever way and to whatever extent it considers appropriate, for reimbursement to be made in qualifying cases of payment orders.
In complying with the duty imposed by subsection (5) the Payment Systems Regulator must have regard to any representations made in accordance with subsection (3)(b).
The duty imposed by subsection (5) must be carried out before the end of 6 months beginning with the day on which this section comes into force.
The duty under subsections (1) to (3), and under section 104(2) of the Financial Services (Banking Reform) Act 2013 in the application of that section to a relevant requirement imposed under subsection (5) of this section, may be satisfied by things done before (as well as after) this section comes into force.
Nothing in subsections (1) to (8) is to be taken as limiting the power of the Payment Systems Regulator—
to vary or revoke a relevant requirement imposed under the duty imposed by subsection (5), or
to impose further relevant requirements (after that duty is complied with) in connection with reimbursement of payment orders executed subsequent to fraud or dishonesty.
In subsections (1) to (9)—
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In regulation 90 of the Payment Services Regulations 2017 (S.I. 2017/752) (liability of payment service providers for incorrect unique identifiers), after paragraph (5) insert—
Nothing in this regulation affects the liability of a payment service provider under a relevant requirement in a case where the payment order is executed subsequent to fraud or dishonesty (and the requirements imposed by this regulation are subject to any such relevant requirements). In this regulation, a “ a direction given under regulation 125, a direction given under section 54 of the Financial Services (Banking Reform) Act 2013, a rule made under section 55 of that Act, an order made under section 56(3) of that Act, or a variation of an agreement under section 57(2) of that Act.