Commentary on Sections Enforcement Section 196: Compliance failure
436.This section defines the use of the term “compliance failure” throughout this Part. A compliance failure is taken to mean the failure of an operator of a recognised inter-bank payment system to comply with a code of practice (section 189), with a requirement regarding system rules (section 190), with a direction made by the Bank of England (section 191) or with a requirement made with regard to producing an independent report (section 195).