Schedule 4 PAYMENTS DISTRIBUTORSI1
Scotland
A payments distributor must—
F2Be a person with permission under the Financial Services and Markets Act 2000 to carry on a regulated activity—
in relation to or in connection with a contract of the kind mentioned in paragraph 23 or paragraph 23B of Schedule 2 to that Act (credit agreements and contracts for hire of goods), or
of the kind mentioned in paragraph 24B (providing credit reference services) or 24C (providing credit information services) of that Schedule.
Sub-paragraph (1) must be read with—
section 22 of the Financial Services and Markets Act 2000,
any relevant order under that section, and
Schedule 2 to that Act.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Make and maintain arrangements to ensure financial security of sums received from debtors for disbursement to creditors.
Make and maintain appropriate arrangements to accept and disburse payments using all methods approved under regulation 31(1).
Make and maintain appropriate arrangements to ensure compliance with rules made by the Financial Conduct Authority and to ensure that appropriate regard is had to guidance issued by the Financial Conduct Authority.
Make and maintain appropriate arrangements for the issue of required reports.
Provide an information technology system to transmit reports to debtors, creditors, money advisers, DAS Administrator by the preferred medium (e.g. text and or data files).
Annotations
Textual amendments
- F1
Sch. 4 para. 1 substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), Sch. para. 43(a)
- F2
Words in sch. 4 para. 1(1) substituted (4.11.2019) by The Debt Arrangement Scheme (Scotland) Amendment Regulations 2019 (S.S.I. 2019/315), regs. 1, 4(8) (with reg. 13)
- F3
Sch. 4 para. 2 omitted (25.5.2018) by virtue of Data Protection Act 2018 (c. 12), s. 212(1), Sch. 19 para. 366 (with ss. 117, 209, 210); S.I. 2018/625, reg. 2(1)(g)
- F4
Sch. 4 para. 5 substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), Sch. para. 43(b)