Section 116(1)

The court may, on the application of the FCA, make an order under paragraph (2) if it is satisfied that a person 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 them 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