Schedule 7, paragraph 7(1)

The Treasury may by direction require the Payment Systems Regulator to carry out a review of any generally applicable requirement specified in the direction if— the requirement has been in force for at least 12 months, the Treasury consider that it is in the public interest that the requirement is reviewed, and it does not appear to the Treasury that— the regulator is carrying out, or proposes to carry out, a review of that requirement, or if the regulator proposes to carry out a review, the proposals are appropriate for the purposes of carrying out an effective review.

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