(1) In these Regulations -

"the Act" means the Financial Services and Markets Act 2000 [2000 c.8.];

"alternative arrangement" means a switching service that has been designated as such under regulation 15(1);

"the Authority" means the Financial Conduct Authority;

"business day" means a day on which the relevant payment service provider is open for business as required for the execution of a payment transaction;

"consumer" means any natural person who is acting for purposes which are outside that person’s trade, business, craft or profession;