(1) A payer may request a refund under Regulation 100 up to 8 weeks from the date on which the funds concerned were debited.
(2) Within 10 business days of receiving a request for a refund, a payment service provider shall either refund the full amount of the payment transaction or provide reasons for refusing the refund and indicate the bodies to which the payer may refer the matter in accordance with Regulations 121, 124 and 125 if the payer does not accept the reasons provided.
(3) A payment service provider’s right to refuse a refund under paragraph (2) shall not apply where a payer has a right to a refund in accordance with Regulation 100(5).