There has been published on the legislation.gov.uk website the Payment to Treasury of Penalties (Enforcement Costs of the Payment Systems Regulator) Order 2015 (the Order) together with an explanatory memorandum.
The Payment Systems Regulator (PSR) has the power to enforce its decisions on regulated bodies that fail to comply with its direction of requirements by imposing financial penalties. This power is granted to the PSR by the Financial Services (Banking Reform) Act 2013 (the Act), which also allows the PSR to deduct its enforcement costs, the expenses it incurred in connection with the recovery of penalties under the Act or the exercise of its ‘enforcement powers’, before paying the penalties to HM Treasury.
The Order specifies further powers of the PSR under the Act, which already includes powers to enforce directions given or requirements imposed and powers to investigate and prosecute offences, the Competition Act 1998, the Enterprise Act 2002 and the Payment Services Regulations 2009 as enforcement powers, allowing the PSR to deduct expenses in relation to them.
The Order will come into force on 1 April 2015.