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The Payment Services Regulations 2017, Section 123 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
123. In this Part—
“the 2013 Act” means the Financial Services (Banking Reform) Act 2013 M1;
“compliance failure” means a failure by a regulated person to comply with—
a directive requirement; or
a direction given under regulation 125;
“directive requirement” means an obligation, prohibition or restriction imposed by regulation 61 (information on ATM withdrawal charges) or Part 8 (access to payment systems and bank accounts), with the exception of the obligation imposed on the FCA by regulation 105(5) (access to bank accounts);
“general direction” has the meaning given in regulation 125(5);
“general guidance” has the meaning given in regulation 134(2);
“regulated person” means a person on whom a directive requirement is imposed.
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