Schedule 5, paragraph 4(3)

The CMA's decision on an application for a direction under this paragraph must be made— where the Payment Systems Regulator makes representations or observations in accordance with paragraph 5(2), before the end of 10 working days beginning with the first working day after the day on which those representations or observations are received; in any other case, before the end of 14 working days beginning with the first working day following the day on which the application under sub-paragraph (2)(a) is received.

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