2.1 It’s crucial that all regulated parties are incentivised to comply fully with our directions if our strategic and statutory objectives are to be met. We therefore expect that it will only be appropriate to grant extensions or exemptions in limited circumstances, where doing so allows us to ensure the delivery of our objectives.
2.2 When deciding whether to grant a request for an extension or exemption we will consider:
• 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
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