Section 77(1)

Paragraph (2) applies if the FCA is satisfied that a relevant person or a payment service provider has— repeatedly or systematically failed to include the information it is required to include on the payer or the payee under Articles 4, 5 or 6 of the funds transfer regulation; failed to implement effective risk-based procedures in breach of Articles 8 or 12 of the funds transfer regulation; failed to comply with Articles 11, 12 or 16 of the funds transfer regulation, where the failure is a serious one; repeatedly or systematically failed to retain records in breach of Article 16 of the funds transfer regulation; or failed to comply with a relevant requirement.

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