Regulation 16 Functions and duty of a payments distributorI1
Scotland
It is a function of a payments distributor F1on behalf of the debtor—
to assist the F2money adviser with, and advise on, payments distribution;
to distribute sums received in accordance with the debt payment programme;
to provide payment and distribution reports to the DAS Administrator F3and any continuing money advisor;
to provide information to the DAS Administrator about the exercise of a function of a payments distributor; and
to remit the fee payable in accordance with regulation 5 to the DAS Administrator.
On an approval being revoked under regulation 15 or a distributor otherwise ceasing to act, the distributor whose approval is revoked, or who ceases to act, must transfer to a substitute payments distributor specified by the DAS Administrator the debt payment programmes for which that first distributor is responsible, within a reasonable period specified by the DAS Administrator.
Where the DAS Administrator specifies AiB as a substitute payments distributor under paragraph (2), AiB may at any time transfer on to an alternative payments distributor specified by the DAS Administrator the debt payment programmes for which AiB is responsible.
A payments distributor must have regard to guidance issued by the DAS Administrator when carrying out a function of a distributor.
Annotations
Textual amendments
- F1
Words in reg. 16(1) inserted (2.7.2013) by The Debt Arrangement Scheme (Scotland) Amendment Regulations 2013 (S.S.I. 2013/225), regs. 1(2), 8(1)(a)
- F2
Words in reg. 16(1)(a) substituted (2.7.2013) by The Debt Arrangement Scheme (Scotland) Amendment Regulations 2013 (S.S.I. 2013/225), regs. 1(2), 8(1)(b)
- F3
Words in reg. 16(1)(c) substituted (2.7.2013) by The Debt Arrangement Scheme (Scotland) Amendment Regulations 2013 (S.S.I. 2013/225), regs. 1(2), 8(1)(c)
- F4
Reg. 16(2A) inserted (4.11.2019) by The Debt Arrangement Scheme (Scotland) Amendment Regulations 2019 (S.S.I. 2019/315), regs. 1, 4(5) (with reg. 13)