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The Payment Services Regulations 2017, Section 116 is up to date with all changes known to be in force on or before 17 August 2024. 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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Valid from 13/01/2018
116.—(1) The court may, on the application of the FCA, make an order under paragraph (2) if it is satisfied that a person has contravened a requirement imposed by or under these Regulations, or been knowingly concerned in the contravention of such a requirement, and that—
(a)profits have accrued to them as a result of the contravention; or
(b)one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.
(2) The court may order the person concerned to pay to the FCA such sum as appears to the court to be just having regard—
(a)in a case within sub-paragraph (a) of paragraph (1), to the profits appearing to the court to have accrued;
(b)in a case within sub-paragraph (b) of that paragraph, to the extent of the loss or other adverse effect;
(c)in a case within both of those sub-paragraphs, to the profits appearing to the court to have accrued and to the extent of the loss or other adverse effect.
(3) Any amount paid to the FCA in pursuance of an order under paragraph (2) must be paid by it to such qualifying person or distributed by it among such qualifying persons as the court may direct.
(4) In paragraph (3), “qualifying person” means a person appearing to the court to be someone—
(a)to whom the profits mentioned in paragraph (1)(a) are attributable; or
(b)who has suffered the loss or adverse effect mentioned in paragraph (1)(b).
(5) On an application under paragraph (1) the court may require the person concerned to supply it with such accounts or other information as it may require for any one or more of the following purposes—
(a)establishing whether any and, if so, what profits have accrued to them as mentioned in sub-paragraph (a) of that paragraph;
(b)establishing whether any person or persons have suffered any loss or adverse effect as mentioned in sub-paragraph (b) of that paragraph; and
(c)determining how any amounts are to be paid or distributed under paragraph (3).
(6) The court may require any accounts or other information supplied under paragraph (5) to be verified in such manner as it may direct.
(7) The jurisdiction conferred by this regulation is exercisable by the High Court and the Court of Session.
(8) Nothing in this regulation affects the right of any person other than the FCA to bring proceedings in respect of the matters to which this regulation applies.
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