Paragraph 7 Financial loss for consumers

(1)

Subject to sub-paragraph (2), where a consumer suffers any financial loss as a direct result of the non-compliance of a payment service provider with any requirement provided for in paragraphs 3 to 5, the payment service provider must reimburse the full extent of the loss without delay.

(2)

The duty to reimburse provided for in sub-paragraph (1) does not apply in the case of unavoidable losses arising as a result of—

(a)

abnormal and unforeseeable circumstances beyond the control of the payment service provider; or

(b)

the payment service provider’s compliance with any statutory obligation.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 44) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xiv)