Section 201

Before imposing a sanction on the operator of a payment system , on a DSA service provider, , on a service provider in relation to such a system or such a DSA service provider or on another person the Bank of England must— give the operator , DSA service provider , service provider or other person a notice (a “warning notice”), give the operator , DSA service provider , service provider or other person at least 21 days to make representations, consider any representations made, and as soon as is reasonably practicable, give the operator , DSA service provider , service provider or other person a notice stating whether or not the Bank intends to impose the sanction. Before imposing a sanction on a person who is a service provider in relation to a recognised payment system or recognised DSA service provider the Bank must also— give the operator of the payment system , or DSA service provider a notice (a “warning notice”), give the operator , or DSA service provider at least 21 days to make representations, consider any representations made, and as soon as reasonably practicable, give the operator or DSA service provider a notice stating whether the Bank intends to impose the sanction. In subsections (1) and (1A) “imposing a sanction” means— publishing details under section 197(1), requiring the payment of a penalty under section 198, giving a closure order under section 199, or making an order under section 200. Despite subsections (1) and (1A), if satisfied that it is necessary the Bank may without notice— give a closure order under section 199, or make an order under section 200.

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