Section 114(1)

The FCA may exercise the power in paragraph (2) if it is satisfied that a payment service provider (referred to in this regulation and regulation 115 as “the person concerned”) has contravened a requirement imposed by or under these Regulations, or been knowingly concerned in the contravention of such a requirement, or, where the payment service provider is an authorised payment institution, small payment institution, or registered account information services provider, has contravened a requirement imposed on it by or under section 312R of the 2000 Act, or been knowingly concerned in the contravention of such a requirement, and that— profits have accrued to the person concerned as a result of the contravention; or one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.

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