Regulation 7 Warning notices

Before publishing details of a compliance failure by a regulated person under regulation 5(a) or imposing a penalty on a regulated person under regulation 6, the Payment Systems Regulator must—

(a)

give the person a notice in writing,

(b)

give the person at least 21 days to make representations,

(c)

consider any representations made, and

(d)

as soon as is reasonably practicable, give the person a notice in writing stating whether or not it intends to publish the details or impose the penalty.