The Payment Card Interchange Fee Regulations 2015, Section 4 is up to date with all changes known to be in force on or before 01 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.
4.—(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 an obligation, prohibition or restriction imposed by the interchange fee regulation read together with regulations 22 and 23 [F1or by a direction given under regulation 4A], or
(ii)the application of any such obligation, prohibition or restriction to a person;
(b)remedying a failure to comply with an obligation, prohibition or restriction imposed by the interchange fee regulation read together with regulations 22 and 23 [F2or by a direction given under regulation 4A];
(c)preventing a failure to comply, or continued non-compliance, with such an obligation, prohibition or restriction;
(d)providing redress or compensation to a person who has suffered a loss as a result of a failure to comply with such an obligation, prohibition or restriction.
(3) A direction may require or prohibit the taking of specified action.
(4) A direction given for the purpose mentioned at paragraph (2)(b) or (c) may, in particular, require or prohibit the taking of specified action in relation to the rules, practices, standards or implementation guidelines of a payment card scheme, or the terms of agreements between regulated persons.
(5) 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.
(6) A direction that applies as mentioned in paragraph (5)(a) is referred to in this Part as a “general direction”.
(7) The Payment Systems Regulator must publish any general direction.
Textual Amendments
F1Words in reg. 4(2)(a)(i) inserted (1.1.2024) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), regs. 1(2)(b), 3(4)
F2Words in reg. 4(2)(b) inserted (1.1.2024) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), regs. 1(2)(b), 3(4)
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