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The Payment Services Regulations 2017
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- UK Statutory Instruments
- 2017 No. 752
- PART 10
- Regulation 124
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Changes over time for: Section 124
Version Superseded: 31/12/2020
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- 13/01/2018- Amendment
- 13/01/2018
Point in time - 31/12/2020- Amendment
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Functions of the Payment Systems RegulatorU.K.
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124.—(1) The Payment Systems Regulator is designated as the competent authority for the purposes of the following provision of the payment services directive—
(a)the condition in Article 3(o) (transposed in regulation 61) (information on ATM withdrawal charges);
(b)Article 35 (transposed in regulations 102 to 104) (access to payment systems);
(c)Article 36 (transposed in regulation 105) (access to bank accounts), together with the FCA,
and has the functions and powers conferred on it by these Regulations.
(2) In determining the general policy and principles by reference to which it performs particular functions under these Regulations, and to the extent appropriate taking into account the Payment Systems Regulator's designation under paragraph (1), the Payment Systems Regulator must have regard to the matters to which the FCA is required to have regard by regulation 106(3), and for that purpose references to the FCA in regulation 106(3)(f) to (h) are to be read as references to the Payment Systems Regulator.
(3) The Payment Systems Regulator must maintain arrangements designed to enable it to determine whether regulated persons are complying with directive requirements, and for enforcing directive requirements.
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