SCHEDULE 4PAYMENTS DISTRIBUTORS

Regulation 14(3)

A payments distributor must—

1

Hold a current licence under the Consumer Credit Act 197428.

2

Be registered under the Data Protection Act 199829 as a data processor.

3

Make and maintain arrangements to ensure financial security of sums received from debtors for disbursement to creditors.

4

Make and maintain appropriate arrangements to accept and disburse payments using all methods approved under regulation 31(1).

5

Make and maintain appropriate arrangements to ensure compliance with Office of Fair Trading Codes of Practice relative to debt management and collection guidance.

6

Make and maintain appropriate arrangements for the issue of required reports.

7

Provide an information technology system to transmit reports to debtors, creditors, money advisers, DAS Administrator by the preferred medium (e.g. text and or data files).