EG 19.21 1The conduct of investigations under the Payment Services Regulations

EG 19.21.1RP

1The Payment Services Regulations apply much of Part 11 of the Act. The effect of this is to apply the same procedures under the Act for appointing investigators and requiring information when investigating breaches of the Payment Services Regulations.

EG 19.21.2RP

1The FCA will notify the subject of the investigation that it has appointed investigators to carry out an investigation under the Payment Services Regulations and the reasons for the appointment, unless notification is likely to prejudice the investigation or otherwise result in it being frustrated. The FCA expects to carry out a scoping visit early on in the enforcement process in most cases. The FCA's policy in civil investigations under the Payment Services Regulations is to use powers to compel information in the same way as it would in the course of an investigation under the Act.

EG 19.21.3RP

2The Payment Services Regulations also apply much of Part 13 of the Act. The effect of this is that the FCA has the power to deal with an EEA authorised payment institution or an EEA registered account information service provider (‘incoming firm’) that is likely to contravene a requirement which is imposed on it by or under the Payment Services Regulations. Under the Payment Services Regulations the FCA will be able to use the power of intervention to:

  1. (1)

    impose a requirement on an incoming firm as it considers appropriate; and

  2. (2)

    impose a variation on the permissions of an incoming firm.