Part 5F1... Payment Systems

Annotations:
Amendments (Textual)
F1

Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2

Enforcement

I1201Warning

1

Before imposing a sanction on the operator of F2a payment system or on another person the Bank of England must—

a

give the operator or other person a notice (a “warning notice”),

b

give the operator or other person at least 21 days to make representations,

c

consider any representations made, and

d

as soon as is reasonably practicable, give the operator or other person a notice stating whether or not the Bank intends to impose the sanction.

2

In subsection (1) “imposing a sanction” means—

a

publishing details under section 197(1),

b

requiring the payment of a penalty under section 198,

c

giving a closure order under section 199, or

d

making an order under section 200.

3

Despite subsection (1), if satisfied that it is necessary the Bank may without notice—

a

give a closure order under section 199, or

b

make an order under section 200.