PART 5Regulation of payment systems

Enforcement and appeals

I174Warning notices

1

Before imposing a sanction on any person the Payment Systems Regulator must—

a

give the person a notice in writing (a “warning notice”),

b

give the person at least 21 days to make representations,

c

consider any representations made, and

d

as soon as is reasonably practicable, give the person a notice in writing stating whether or not it intends to impose the sanction.

2

In subsection (1) any reference to imposing a sanction is a reference to—

a

publishing details under section 72(1), or

b

requiring the payment of a penalty under section 73.