SCHEDULE 3Switching service
Financial loss for consumers
7.
(1)
Subject to sub-paragraph (2), where a consumer suffers any financial loss as a direct result of the non-compliance of a payment service provider with any requirement provided for in paragraphs 3 to 5, the payment service provider must reimburse the full extent of the loss without delay.
(2)
The duty to reimburse provided for in sub-paragraph (1) does not apply in the case of unavoidable losses arising as a result of—
(a)
abnormal and unforeseeable circumstances beyond the control of the payment service provider; or
(b)
the payment service provider’s compliance with any statutory obligation.