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The Payment Services Regulations 2017
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The Payment Services Regulations 2017, Paragraph 1 is up to date with all changes known to be in force on or before 04 March 2025. 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.
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Changes and effects yet to be applied to Schedule 6 Paragraph 1:
- Regulations power to amend conferred by 2021 c. 22 s. 23
Disciplinary powersU.K.
This section has no associated Explanatory Memorandum
1. Sections 66 (disciplinary powers) to 70 (statements of policy: procedure) of the 2000 Act M1 apply but as if for section 66A (misconduct: action by the FCA) there were substituted—
(1) For the purposes of action by the FCA, a person is guilty of misconduct if, while a relevant person, the person has been knowingly concerned in
[F1(a)]a contravention of the Payment Services Regulations 2017 by a payment service provider, [F2or
(b)a contravention of a requirement imposed by or under section 312R of the 2000 Act by an authorised payment institution, small payment institution, or registered account information services provider.]
[F3(2) “Relevant person” means—
(a)in relation to subsection (1)(a), any person responsible for the management of the payment service provider or, where relevant, any person responsible for the management of the payment service provider’s payment services activities, or
(b)in relation to subsection (1)(b), any person responsible for the management of the authorised payment institution, small payment institution, or registered account information services provider or, where relevant, any person responsible for the management of the authorised payment institution’s, small payment institution’s, or registered account information services provider’s payment services activities.”].
Textual Amendments
F1Word in Sch. 6 para. 1 inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 72(a)(i) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F2Words in Sch. 6 para. 1 inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 72(a)(ii) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F3Words in Sch. 6 para. 1 substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 72(a)(iii) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
Marginal Citations
M12000 c. 8. Section 66 was amended by section 12 of, and paragraph 8 of Schedule 2 to, the Financial Services Act 2010 (c. 28), paragraph 14 of Schedule 5 to the Financial Services Act 2012 (c. 21), sections 28 and 32 of, and paragraph 5 of Schedule 3 to, the Financial Services (Banking Reform) Act 2013 (c. 33). Sections 66A and 66B were inserted by section 32 of the Financial Services (Banking Reform) Act 2013 and amended by section 25 of, and paragraphs 16 and 17 of Schedule 4 to, the Bank of England and Financial Services Act 2016 (c. 14), and by S.I. 1015/1864 and 2016/225 and 627. Sections 67 to 70 were amended by paragraphs 9 and 10 of Schedule 2 to the Financial Services Act 2010, paragraphs 15 to 18 of Schedule 5 to the Financial Services Act 2012, paragraphs 6 and 7 of Schedule 3 to the Financial Services (Banking Reform) Act 2013.
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