(1) The Bank of England may give directions in writing to -

(a) the operator of a recognised payment system,

(b) to a recognised DSA service provider,

or

(c) a service provider in relation to such a system or to such DSA service providers.

(2) A direction may -

(a) require or prohibit the taking of specified action in the operation of the system or the provision of services;

(b) set standards to be met in the operation of the system or the provision of services.

(3) If a direction is given for the purpose of resolving or reducing a threat to the stability of the UK financial system, the operator, DSA service provider or service provider (including the operator’s , DSA service provider’s or service provider’s officers and staff) has immunity from liability in damages in respect of action or inaction in accordance with the direction.

(4) A direction given for the purpose mentioned in subsection (3) must -

(a) include a statement that it is given for that purpose, and