Payment In Lieu Of Notice (‘PILON’) clauses give the employer the express right to make a payment instead of giving notice, allowing the employee’s immediate termination and removal from the workplace. In the absence of a contractual PILON, employees may remain in employment for the notice period and be paid for it, and attempted summary dismissal will be ineffective unless the employee accepts that repudiation.

The schedule to the Project Agreement that sets out how and when Project Co will be paid and how any Performance Deductions will be calculated.

A notice given under HGCRA 1996, s 110A by a payer (or specified person) or the payee setting out the amount to be paid and how it is calculated. Most standard form contracts provide that the notice is to be given by the payer (or specified person).

Reference: Date: To: Payment due date: [Sub-]Contractor’s Application Reference No: This Notice is made pursuant to Section 110 of the Housing Grants, Construction

ARCHIVED: This Checklist has been archived and is not maintained. The first Payment Services Directive (2007/64/EC) (PSD1) came into force on 25 December 2007 and was required to be implemented by Member States by 1 November 2009. PSD1 was implemented in the UK through the Payment Services Regulations 2009, SI 2009/209 (PSRs). PSD1 was intended to regulate payment service providers (PSPs) and harmonise the payments sector within the European Union (EU). However, advances in payment systems outstripped the regulatory capacity of PSD1 and, in July 2013, the European Commission (Commission) introduced a proposal for a second Payment Services Directive (PSD2). PSD2 (Directive 2015/2366) entered into force on 13 January 2016. Most of its provisions had to be implemented by Member States by 13 January 2018. PSD2 incorporated and repealed PSD1. PSD2 aimed to improve on PSD1 by, among other things: • increasing its scope so that it no longer includes only PSPs within the EU and the European Economic Area (EEA) • focusing on consumer protection

The Payment Systems Regulator (PSR) has initiated a market review of card scheme and processing fees, focusing on changes implemented between 2017 and 2021. As part of this process, the PSR has released a working paper in June 2023 soliciting stakeholder submissions.

STOP PRESS:  In March 2025, the government announced its intention to consolidate the Payment Systems Regulator and its functions primarily into the Financial Conduct Authority. The move is intended to streamline the regulatory environment, reduce overlap, and allow businesses to focus on innovation and service delivery. HM Treasury issued a consultation on the consolidation of the FCA and the PSR in September 2025. Its response to the consultation was published in April 2026, confirming that the government intends to proceed with the consolidation and that it will bring forward primary legislation when parliamentary time permits. The consultation showed widespread support among respondents for integration of the FCA and PSR. Legislation has not yet been introduced or enacted but operational integration is already underway, with some PSR staff already being transferred into the FCA and senior leadership being aligned. General duties The Payment Systems Regulator (PSR) has a number of statutory duties and powers under the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013). In discharging its general functions in relation to payment systems, the PSR

STOP PRESS: In March 2025, the government announced its intention to consolidate the Payment Systems Regulator and its functions primarily into the Financial Conduct Authority. The move is intended to streamline the regulatory environment, reduce overlap, and allow businesses to focus on innovation and service delivery. In September 2025, HM Treasury (HMT) issued a consultation on the proposed consolidation. The consultation proposed transferring the PSR’s responsibilities—including promoting competition and innovation in payment systems and supporting the interests of consumers and businesses—into the FCA’s framework under the Financial Services and Markets Act 2000 (FSMA 2000), or into a new part of FSMA 2000 where necessary. The government intends to retain the current designation regime to ensure regulation remains targeted and proportionate and confirms that no new categories of regulated persons would be introduced. The FCA would adopt objectives and powers equivalent to those currently held by the PSR, and oversight and accountability provisions would be adapted to reflect its expanded role. In a supporting statement, FCA executive director for payments and digital finance and

STOP PRESS: In March 2025, the government announced its intention to consolidate the Payment Systems Regulator (PSR) and its functions primarily into the Financial Conduct Authority (FCA). The move is intended to streamline the regulatory environment, reduce overlap, and allow businesses to focus on innovation and service delivery. It is not clear when the change will come into effect but HM Treasury said in a letter that it intends to legislate as soon as possible. In the interim, the PSR and FCA plan to collaborate closely. In September 2025, HM Treasury (HMT) issued a consultation on the proposed consolidation. The consultation proposes transferring the PSR’s responsibilities—including promoting competition and innovation in payment systems and supporting the interests of consumers and businesses—into the FCA’s framework under the Financial Services and Markets Act 2000 (FSMA 2000), or into a new part of FSMA 2000 where necessary. The government intends to retain the current designation regime to ensure regulation remains targeted and proportionate and confirms that no new categories of regulated persons would be introduced. The FCA would adopt objectives

Ireland-Finance & Financial Service analysis: This article, was written by Ciaran-Flynn, Robert Cain and Sarah Thompson and discusses the evolving landscape of payment and e-money firms, highlighting the challenge of balancing innovation with regulatory compliance. It emphasizes the importance of moving quickly while ensuring that these firms address regulatory requirements. Key upcoming changes include new European regulations like the Instant Payments Regulation (IPR), which mandates payment institutions to upgrade their infrastructure to process instant payments. The article also stresses the increasing sophistication of regulatory oversight as firms navigate the intersection of growth and compliance in the fintech sector.

Construction analysis: The Technology and Construction Court (TCC) held that a contractor’s application for payment was not a valid default payment notice under section 110B(4) of the Housing Grants, Construction and Regeneration Act 1996 (HGCRA 1996) because it failed to comply with contractual requirements. The application omitted certain identifiers and a reference to the corresponding purchase order, all of which were required to permit prompt verification. The court rejected arguments that the contractual mechanism was inadequate, that the Scheme for Construction Contracts displaced it, or that an estoppel arose from prior dealings.

1 Payment by letter of credit 1.1 The Buyer must within [insert figure, eg 21] days open an irrevocable letter of credit with [insert name of