(1) The Payment Systems Regulator must prepare and publish a draft of a relevant requirement for reimbursement in such qualifying cases of payment orders as the Regulator considers should be eligible for reimbursement.

(2) A case is a "qualifying case" for the purposes of this section if -

(a) the case relates to a payment order executed over the Faster Payments Scheme, and

(b) the payment order was executed subsequent to fraud or dishonesty.

(3) The draft of the relevant requirement must -

(a) be published in the way appearing to the Payment Systems Regulator to be best calculated to bring it to the attention of the public;

(b) be accompanied by notice that representations about the proposed relevant requirement may be made to the Payment Systems Regulator within a specified time.

(4) The duty imposed by subsection (1) must be carried out before the end of two months beginning with the day on which this section comes into force.