Summary
What this law does
Amends payment service regulations to permit payment service providers to delay execution of authorised UK sterling payment orders by up to four business days where fraud or dishonesty is reasonably suspected, subject to payer notification requirements and liability for resulting charges and interest.
Why it matters to Signicat and its customers
No Signicat-specific relevance narrative is stored for this instrument; the stored applicability is shown below.
Who is bound: payment service provider; payer's payment service provider
- Banking Finance
- Applies directly to payment service providers executing sterling payment orders, governing execution delays, notification duties, and liability when fraud is suspected.