The Payment Accounts Regulations 2015

Warning notices and decision notices

4.—(1) Subject to sub-paragraph (2), Part 26 of the Act (notices) applies to notices given by the Authority under these Regulations as it applies to notices given by the Authority under the Act with the following modifications.

(2) Section 391A(1) does not apply.

(3) Section 387(2) (warning notices) applies as if subsections (1A) and (3A) were omitted.

(4) Section 388(3) (decision notices) applies as if subsections (1A) and (2) were omitted.

(5) Section 390(4) (final notices) applies as if—

(a) subsections (6) and (10) were omitted; and

(b) in subsection (8) “or (6)(c)” were omitted.

(6) Section 391(5) (publication) applies as if—

(a) for subsection (1ZB) there were substituted—

“(1ZB) A warning notice falls within this subsection if it is given under regulation 36 of the Payment Accounts Regulations 2015.”; and

(b) subsections (4A), (5A), (6A), F1 ... (7B), (8A) [F2 , (8AA)] and (11) were omitted.

(7) Section 392(6) (application of sections 393 and 394) applies as if for paragraphs (a) and (b) there were substituted—

“warning noticed and decision notices given in accordance with regulation 36 of the Payment Accounts Regulations 2015.”.

(8) Section 395(7) (the FCA’s and PRA’s procedures) applies as if—

(a) subsection (1)(b)(ii) were omitted;

(b) in subsection (9) “other than a warning notice or decision notice relating to a decision of the PRA that is required by a decision of the FCA of the kind mentioned in subsection 1(b)(ii)” were omitted;

(c) subsection (9A) were omitted; and

(d) in subsection (13) for “in accordance with” to the end there were substituted “under regulation 31 of the Payment Accounts Regulations 2015.”.

Textual Amendments

F1 Word in Sch. 7 para. 4(6)(b) omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 16(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2 Word in Sch. 7 para. 4(6)(b) inserted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 16(3)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

(1)

Section 391A was inserted by S.I. 2013/3115.

(2)

Section 387 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraph 26 of Part 6 of Schedule 9 to, the Financial Services Act 2012.

(3)

Section 388 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraph 27 of Part 6 of Schedule 9 to, the Financial Services Act 2012.

(4)

Section 390 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraph 29 (1) to (5) of Part 6 of Schedule 9 to, the Financial Services Act 2012, and by S.I. 2010/22.

(5)

Section 391 was amended by sections 24(2) and 37(1) of, and paragraph 1 of Part 1 and paragraph 30 (1) to (8) of Part 6 of Schedule 9 to, the Financial Services Act 2012, and by sections 13(1) and (3) and 24(1) and (2) of, and paragraphs 1 and 28 of Part 1 of Schedule 2 to, the Financial Services Act 2010 and by S.I. 2012/916, S.I. 2013/1388, S.I. 2013/3115, and S.I. 2014/2879.

(6)

Section 392 was amended by sections 18(1) and (5), section 35, section 37(1) and section 42 of, and paragraphs 1 and 37 of Schedule 8, and paragraph 1 of Part 1 and paragraph 31 of Part 6 of Schedule 9 and paragraph 8 of Schedule 13 to, the Financial Services Act 2012, and by section 24(1) and (2) of, and paragraphs 1 and 29 of Part 1 of Schedule 2 to, the Financial Services Act 2010, and by S.I. 2007/126 and S.I. 2013/1388.

(7)

Section 395 was amended by section 17(1) and (3), section 18(1) and (6), section 19(2), section 24(3) and section 37(1) of, and paragraph 1 of Part 1 and paragraph 34 (1) to (15) of Part 6 of Schedule 9 to, the Financial Services Act 2012 and by S.I. 2005/381, S.I. 2005/1433, S.I. 2007/1973, S.I. 2009/534 and S.I. 2013/1388.