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Regulation 16 Charges by a payments distributor

Original text. Later amendments are not shown.

(1)

In the exercise of a function under the Act or these Regulations, a payments distributor–

(a)

subject to regulation 34, shall make no charge of any kind to a debtor; and

(b)

subject to paragraph (2), may charge an administration fee to a creditor taking part in a debt payment programme.

(2)

An administration fee shall be no more than 5% of the sum due to be paid to a creditor in a distribution by the distributor.