Interpretation of Part 10
This section has no associated Explanatory Memorandum
123. In this Part—
“the 2013 Act” means the Financial Services (Banking Reform) Act 2013(1);
“compliance failure” means a failure by a regulated person to comply with—
(a)
a directive requirement; or
(b)
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.
(1)