(1) Subject to paragraphs (2) to (6), a payment service user shall not revoke a payment order after it has been received by the payer’s payment service provider.

(2) Where a payment transaction is initiated by a payment initiation service provider or by or through a payee, the payer concerned shall not revoke the payment order concerned after the payer has given consent -

(a) to the payment initiation service provider to initiate the payment transaction, or

(b) to the payee to execute the payment transaction.

(3) In the case of a direct debit and without prejudice to any right to a refund, a payer may revoke the relevant payment order at the latest by the end of the business day preceding the day agreed for debiting the funds.

(4) Where Regulation 102(5) applies, the payment service user concerned may revoke a payment order at the latest by the end of the business day preceding the day agreed under that paragraph.

(5) A payment order may only be revoked -

(a) in a case in which a time limit specified in paragraphs (1) to (4) has been exceeded, but neither paragraph (2) nor paragraph (3) applies, where the payment service user and the relevant payment service provider agree to its revocation, or