Regulation 14 Revocation of approval of a payments distributor

(1)

The DAS administrator may revoke the approval of a payments distributor where–

(a)

the distributor fails without good reason to comply with a condition attached to the approval;

(b)

the administrator is satisfied that the distributor is no longer a fit and proper person to be an distributor; or

(c)

in the opinion of the DAS administrator the distributor–

(i)

has failed without good cause to carry out a function of a distributor under the Act or under these Regulations; and

(ii)

continues to fail to carry out that function, after 2 weeks from the date of written notice to the distributor of that failure.

(2)

On an approval being revoked under paragraph (1), the distributor whose approval is revoked shall transfer to a substitute payments distributor the debt payment programmes for which that first distributor is responsible, within a reasonable period specified by the DAS administrator.