Schedule 9: Wholesale cash distribution Part 1 – New Part 5A of the Banking Act 2009 Enforcement Section 206R: Compliance failure
This section defines the use of the term "compliance failure" throughout this Part. A compliance failure is taken to mean the failure by a recognised person to comply with a code of practice (section 206L), with a direction made by the Bank (section 206M), or with a requirement to ensure compliance with regard to producing an independent report (section 206Q).