Section 199

This section applies if the Bank of England thinks that a compliance failure— threatens the stability of, or confidence in, the UK financial system, or has serious consequences for business or other interests throughout the United Kingdom. The Bank may give the operator of the ... payment system concerned , the DSA service provider concerned , or the service provider concerned, an order to stop operating the system , providing services, or (as the case may be) providing services to a recognised payment system or recognised DSA service provider (a “closure order”)— for a specified period, until further notice, or permanently. A closure order may apply to— all activities of the payment system , or DSA service provider or all services provided to a recognised payment system , or a recognised DSA service provider by the service provider, or specified activities or specified services. Before giving a closure order to a service provider, the Bank must have regard to the public interest in the continued operation of each recognised payment system , or of each recognised DSA service provider, in relation to which the service provider is specified under section 206A(2)(b) or 206A(2A)(b) (as the case may be). An operator , DSA service provider, or service provider who fails to comply with a closure order commits an offence. A person guilty of an offence is liable— on summary conviction, to a fine not exceeding the statutory maximum, or on conviction on indictment, to a fine.

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Source: legislation.gov.uk · retrieved 2026-09-04