4.1 The proposed guidance will clarify the exceptional circumstances in which an extension or exemption may be appropriate. We do not grant extensions or exemptions in cases where we consider it would jeopardise our statutory objectives under sections 49 to 52 of FSBRA.
4.2 The key factors that we would consider when considering a request for an extension or exemption are as follows:
• Whether granting an exemption or extension would adversely impact payment systems users, undermine any of our statutory objectives, undermine the priorities set out in our five-year Strategy, or adversely impact the improvements we seek. If granting the request undermined these objectives, we would be unlikely to grant it.
• The context in which the specific direction arose, including the underlying policy aims and the key factors set by the specific direction or requirement.
• The burden that not granting the request would place on the regulated party, as well as any impact of granting the request
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