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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 January 2018 - onwards
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Regulation 77 Power to impose civil penalties: suspension and removal of authorisation

(1) Paragraph (2) applies if the FCA is satisfied that a relevant person or a payment service provider has -

(a) repeatedly or systematically failed to include the information it is required to include on the payer or the payee under Articles 4, 5 or 6 of the funds transfer regulation;

(b) failed to implement effective risk-based procedures in breach of Articles 8 or 12 of the funds transfer regulation;

(c) failed to comply with Articles 11, 12 or 16 of the funds transfer regulation, where the failure is a serious one;

(d) repeatedly or systematically failed to retain records in breach of Article 16 of the funds transfer regulation; or

(e) failed to comply with a relevant requirement.

(2) The FCA may take one or more of the measures set out in sub-paragraphs (a) and (b) -

(a) to cancel or suspend, for such period as it considers appropriate -

(i) any permission which an authorised person has to carry on a regulated activity;

(ii) the authorisation of a payment service provider as an au

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