(1) Notwithstanding Regulation 95 and subject to paragraph (2), where a payment transaction is not authorised, the payer’s payment service provider shall -

(a) refund the payer the amount of the unauthorised payment transaction immediately, and in any event not later than the end of the business day immediately following the date that the payer’s payment service provider notes or is notified of the transaction, except where the payer’s payment service provider has reasonable grounds for suspecting fraud and communicates those grounds to the relevant national authority in writing,

(b) where applicable, restore the debited payment account to the state in which it would have been had the unauthorised payment transaction not taken place, and

(c) ensure that the credit value date for the payer’s payment account shall be no later than the date the amount was debited.