Section 124

The Payment Systems Regulator has the functions and powers conferred on it by these Regulations. In determining the general policy and principles by reference to which it performs particular functions under these Regulations ... the Payment Systems Regulator must have regard to the matters to which the FCA is required to have regard by regulation 106(3), and for that purpose references to the FCA in regulation 106(3)(f) to (h) are to be read as references to the Payment Systems Regulator. The Payment Systems Regulator must maintain arrangements designed to enable it to determine whether regulated persons are complying with qualifying requirements, and for enforcing qualifying requirements.

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