(1) This section applies if the Bank of England thinks that a compliance failure -

(a) threatens the stability of, or confidence in, the UK financial system, or

(b) has serious consequences for business or other interests throughout the United Kingdom.

(2) The Bank may give the operator of the payment system concerned, the DSA service provider concerned, or the service provider concerned, an order to stop operating the system, providing services, or (as the case may be) providing services to a recognised payment system or recognised DSA service provider (a "closure order") -

(a) for a specified period,

(b) until further notice, or

(c) permanently.

(3) A closure order may apply to -

(a) all activities of the payment system, or DSA service provider or all services provided to a recognised payment system, or a recognised DSA service provider by the service provider, or

(b) specified activities or specified services.