Regulation 129 Injunctions

(1)

If, on the application of the Payment Systems Regulator, the court is satisfied—

(a)

that there is a reasonable likelihood that there will be a compliance failure, or

(b)

that there has been a compliance failure and there is a reasonable likelihood that it will continue or be repeated,

the court may make an order restraining the conduct constituting the failure.

(2)

If, on the application of the Payment Systems Regulator, the court is satisfied—

(a)

that there has been a compliance failure by a regulated person; and

(b)

that there are steps which could be taken for remedying the failure,

the court may make an order requiring the regulated person, and anyone else who appears to have been knowingly concerned in the failure, to take such steps as the court may direct to remedy it.

(3)

The jurisdiction conferred by this regulation is exercisable—

(a)

in England and Wales and Northern Ireland, by the High Court; and

(b)

in Scotland, by the Court of Session.

(4)

In this regulation—

(a)

references to an order restraining anything are, in Scotland, to be read as references to an interdict prohibiting that thing; and

(b)

references to remedying a failure include mitigating its effect.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 158) 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)(xix)