[^key-b5d90ac6a23acefb47a1d34fc719c9e7]: S. 33 omitted (13.9.2018 for specified purposes, 10.12.2018 for specified purposes, 18.7.2019 for specified purposes, 9.8.2019 for specified purposes, 9.12.2019 for specified purposes, 7.12.2020 for specified purposes, 9.12.2020 for specified purposes, 7.12.2021 in so far as not already in force) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 4 para. 22(5); S.I. 2018/990, reg. 2(1)(2)(3) (with regs. 3-6); S.I. 2019/1136, reg. 2(2)(3)(4)(5)(6)(7) (with reg. 3)

[^key-43b258b20ce3195fc39ec5caf5a05ed0]: Words in s. 36(4)(a)(i) substituted (28.4.2022) by The Criminal Justice Act 2003 (Commencement No. 33) and Sentencing Act 2020 (Commencement No. 2) Regulations 2022 (S.I. 2022/500), regs. 1(2), 5(1), Sch. Pt. 1

[^key-c74cbd5f885730b5cd7f0e620ea8e748]: Words in s. 90(7)(a)(i) substituted (28.4.2022) by The Criminal Justice Act 2003 (Commencement No. 33) and Sentencing Act 2020 (Commencement No. 2) Regulations 2022 (S.I. 2022/500), regs. 1(2), 5(1), Sch. Pt. 1

[^key-ebc4b66ce032a1665fc2d8f3d3626899]: Words in Sch. 5 para. 14(2)(a)(i) substituted (28.4.2022) by The Criminal Justice Act 2003 (Commencement No. 33) and Sentencing Act 2020 (Commencement No. 2) Regulations 2022 (S.I. 2022/500), regs. 1(2), 5(1), Sch. Pt. 1

[^key-75fc43aa2328ed4df5a5981ceb33bb4d]: Words in s. 36(4)(a)(i) substituted (7.2.2023 at 12.00 p.m.) by The Judicial Review and Courts Act 2022 (Magistrates’ Court Sentencing Powers) Regulations 2023 (S.I. 2023/149), regs. 1(2), 2(1), Sch. Pt. 1 table

[^key-268c76c90370644a50625a9db7253fc1]: Words in s. 90(7)(a)(i) substituted (7.2.2023 at 12.00 p.m.) by The Judicial Review and Courts Act 2022 (Magistrates’ Court Sentencing Powers) Regulations 2023 (S.I. 2023/149), regs. 1(2), 2(1), Sch. Pt. 1 table

[^key-f953ce86e069a302419a3416517b516a]: Words in Sch. 5 para. 14(2)(a)(i) substituted (7.2.2023 at 12.00 p.m.) by The Judicial Review and Courts Act 2022 (Magistrates’ Court Sentencing Powers) Regulations 2023 (S.I. 2023/149), regs. 1(2), 2(1), Sch. Pt. 1 table

[^key-4ed1adb1f49756428d9d113872a91224]: Words in s. 111 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 3

[^key-db76788f35b2dee95bce97d608ad08e8]: Sch. 4 para. 7A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 12; S.I. 2023/779, reg. 4(ccc)(vi)

[^key-7fc4390698beedd582fc19467cf810d8]: Sch. 4 paras. 14A, 14B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 13; S.I. 2023/779, reg. 4(ccc)(vi)

[^key-e0bd16cf20812c070727a00ad247ccf3]: S. 102A and cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 4; S.I. 2023/779, reg. 4(ccc)(iv)

[^key-516322097f0876cec59b72e8e7eb670d]: S. 102B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 5; S.I. 2023/779, reg. 4(ccc)(iv)

[^key-7098bd526065db70f165a0375226c1dc]: S. 15 omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 62(4), 86(2)(h)

[^key-d02015fa726bef54a0cf14e800daa294]: S. 39(11A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 2(a); S.I. 2023/779, reg. 4(ccc)(ii)

[^key-961d895e5b8eae5c1b275f8062be28d2]: S. 41(2A)-(2C) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 41(2)

[^key-1a64fdd54b07a57e48a81b46d3051bca]: S. 42(5A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 42(3)

[^key-e66758a653407b928c4b84cbf7c2c31e]: Words in s. 42(2)(c) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 42(2)

[^key-2bda1875485f3cd591fae39043f9820c]: S. 98(5)(c) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 43

[^key-79ab573602ed6e98e3f98db1cea9fe74]: Words in s. 98(5)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 16

[^key-310457b8f9a986625320a8dded3872ab]: S. 104(5A)-(5D) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 53(3), 86(3); S.I. 2023/779, reg. 4(mm)

[^key-c8b0a72b17dfefbc8f51bec6ff84b2f6]: S. 104(12A)(12B) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 6(c); S.I. 2023/779, reg. 4(ccc)(iv)

[^key-aa5a86e0cfa2d91b7c2190860abee606]: Word in s. 104(1) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 6(a); S.I. 2023/779, reg. 4(ccc)(iv)

[^key-d5a5267ce5a0e78b546feb61715a6f63]: S. 104(3)(ba) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 6(b); S.I. 2023/779, reg. 4(ccc)(iv)

[^key-ab054e3762c1db4fcd045c02c394dc71]: Words in s. 110 inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 44

[^key-e56b28736fdd2a607fb787fcf86bb81e]: Words in s. 110(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 9; S.I. 2023/779, reg. 4(ccc)(vi)

[^key-12f62440a02ebd8f3d80bdf6e67f0966]: S. 112(7) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(5)

[^key-f3ac6905eca864f80af69b70b05b2ce4]: S. 112(2)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 45

[^key-883de0de087adc816d81b7c0e9780f1c]: S. 112(2)(ba) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(2)

[^key-07cd03836d93edd6bde6fb6ebe0d057c]: Words in s. 112(4)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(3)(b)

[^key-b1df5a5cd6248a134f273aea29970a11]: Word in s. 112(2)(b) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(2)

[^key-355dea63502060ea0da6dfa3df5cf9ab]: Words in s. 112(4)(a) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(3)(a)

[^key-c05f2ab87fc2d89f4547cc187752e492]: Words in s. 112(6)(b) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(4)

[^key-b9e412194e4da265b0119da8023c2800]: Words in s. 113(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 46

[^key-5370fb0938994899cc6daf0c4f612839]: Words in s. 113(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 5(a)

[^key-c3b43263dd55a8c8f7312dc6188c18fc]: Words in s. 113(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 5(b)

[^key-4f9b59c364a59bc2f3e2913aa712f6ae]: S. 115(1B) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 6

[^key-6b08701c137da209df6df0494269fe71]: Words in s. 115(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 47(2)

[^key-ac037ccd1c6b3be2ff72845103c0c939]: Words in s. 115(1)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 47(3)

[^key-2fc666c857cd677dda52431d484e3408]: Words in s. 119(6) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 7

[^key-6d8a1e84978ae1fa701ba104fb169681]: Words in s. 120(8) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 8

[^key-73d386ba1def5c75f138c0248d15a7b6]: Words in s. 127(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 9

[^key-4a62b6fea9c87a492326148920b4767a]: S. 143(2)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 48

[^key-a948b59b009aed4455516ef6425b4231]: S. 143(2)(ba)(bb) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 10; S.I. 2023/779, reg. 4(ccc)(vi)

[^key-d8ba6dc64d472e2f5694c994eaa1726b]: Sch. 4 para. 7(2)(ba)(bb) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 11; S.I. 2023/779, reg. 4(ccc)(vi)

[^key-e3bf7f20a32230f5fac2f1698f44d2c6]: S. 103(5A)-(5C) inserted (29.8.2023 for specified purposes, 26.12.2023 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), ss. 46(9), 86(3); S.I. 2023/779, reg. 4(jj)(ii); S.I. 2023/1382, reg. 7(c) (with reg. 17)

[^key-b549544d32cd97987647ec7d93974b84]: S. 103(5A) excluded (26.12.2023) by The Financial Services and Markets Act 2023 (Panel Remuneration and Reports) Regulations 2023 (S.I. 2023/1273), regs. 1(2), 2(3)

[^key-1ae2b182a6b3fff3e2dd051310b09bab]: Sch. 2 para. 9 omitted (31.12.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 164(2); S.I. 2023/1382, reg. 8(b)

[^key-ec72f71c25d573ecd57141a3c29d6a78]: Sch. 10 para. 7 omitted (31.12.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 164(3); S.I. 2023/1382, reg. 8(b)

[^key-2e8dac60a24b35ad423632489b4ad915]: S. 98(6)(a) modified (1.1.2024) by S.I. 2015/1911, reg. 4B (as inserted by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 10)

[^key-3cf94377faeae46f683f790a5d75539a]: S. 101(2) modified (1.1.2024) by S.I. 2015/1911, reg. 4C (as inserted by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 10)

[^key-130c651c42a602f22cdc45049a6108f3]: Word in s. 39(12) substituted (1.1.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 2(b); S.I. 2023/1382, reg. 9(1)(d)(ii)

[^key-32a67e8c3d86d56c86583365876d8a48]: Word in s. 97A(2)(b) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 80

[^key-0a4fd89b480e5fd27184d9c4fb7743ef]: S. 107A inserted (1.1.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 8; S.I. 2023/1382, reg. 9(1)(d)(iii) (with reg. 15)

[^key-4f6d1291d9ec5d3cfde30af3d579d268]: Ss. 104A-104I inserted (29.8.2023 for specified purposes, 1.8.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 7; S.I. 2023/779, reg. 4(ccc)(v); S.I. 2023/1382, reg. 11(c)

[^key-ca69ed4522b046f2fdf9c67252921cdc]: Words in s. 53(c) inserted (29.8.2023 for specified purposes, 1.1.2025 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 3; S.I. 2023/779, reg. 4(ccc)(iii); S.I. 2023/1382, reg. 12(d) (with reg. 16(2))

[^key-f69a4440858f8c994a68b3a742393db0]: Words in s. 59(3) inserted (1.1.2025) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 12 para. 21(2)(a); S.I. 2024/1226, regs. 1(2), 2(1)(16)

[^key-4e0a2e3a49ec802d3b119126747cf106]: Words in s. 59(3) inserted (1.1.2025) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 12 para. 21(2)(b); S.I. 2024/1226, regs. 1(2), 2(1)(16)

[^key-dddb512fd05b9bd5d8bde53be18d35d6]: Words in s. 59(5)(a) substituted (1.1.2025) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 12 para. 21(3); S.I. 2024/1226, regs. 1(2), 2(1)(16)

[^key-9f671f3855fa85ea4ae9600796391a90]: Word in s. 61(5)(a) inserted (1.1.2025) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 12 para. 22(3); S.I. 2024/1226, regs. 1(2), 2(1)(16)

[^key-b346206eeee962e1b24b7850aacfdd3a]: Words in s. 61(4) inserted (1.1.2025) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 13 para. 3; S.I. 2024/1226, regs. 1(2), 2(1)(17)

[^key-5be3e026bd81c901aeb4a192059b43c2]: Words in s. 61(3) inserted (1.1.2025) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 12 para. 22(2); S.I. 2024/1226, regs. 1(2), 2(1)(16)

[^key-801017c5ed06026b478a4e0822a8574a]: S. 59(7) inserted (1.1.2025 for specified purposes, 6.4.2025 for specified purposes) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 29 para. 11(2); S.I. 2024/1226, regs. 1(2), 2(1)(21); S.I. 2025/272, reg. 2(1)(13)

[^key-b99e804959b58247eadaa96bb8768681]: S. 61(6) inserted (1.1.2025 for specified purposes, 6.4.2025 for specified purposes) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 29 para. 11(3); S.I. 2024/1226, regs. 1(2), 2(1)(21); S.I. 2025/272, reg. 2(1)(13)

[^key-9ed3faa4ff6173356dcb2148dc6d9ffd]: S. 98: power to amend conferred (19.6.2025 for specified purposes) by Data (Use and Access) Act 2025 (c. 18), ss. 17, 142(1)(2)(h)

Complaints by representative bodies

Investigations into regulatory failure

Functions of FCA under competition legislation

Duty of FCA to make rules restricting charges for high-cost short-term credit

Duty to meet auditors of certain institutions

Amendments of section 429 of FSMA 2000

Accounts of Bank of England and its wholly-owned subsidiaries

Building societies

Orders and regulations: general

Recovery of expenditure incurred by Office for Legal Complaints

Orders and regulations: general

Restrictions on exercise of functions under Part 4 of the Enterprise Act 2002

Technical Standards

97A

(1) This section, section 97B, section 97C and section 97D apply where a power for the Payment Systems Regulator to make technical standards is substituted for the power of an EU entity to make EU tertiary legislation (the “original EU power”) by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

(2) The power to make technical standards includes power to modify, amend or revoke—

(a) any technical standards made by the Payment Systems Regulator under that power;

(b) any EU tertiary legislation made by an EU entity under the original EU power which forms part of assimilated law.

(3) Before making any technical standards in which the FCA, the PRA or the Bank of England has an interest (within the meaning of section 138P(5) of the Financial Services and Markets Act 2000), the Payment Systems Regulator must consult the regulator concerned.

(4) For the purposes of this section, “EU tertiary legislation” has the meaning given in section 14 of the European Union (Withdrawal) Act 2018.

97B

(1) The power to make technical standards is to be exercised by the Payment Systems Regulator by making an instrument under this section (a “standards instrument”).

(2) A standards instrument must specify the provision under which the instrument is being made.

(3) To the extent that a standards instrument does not comply with subsection (2), it is void.

(4) A standards instrument must be published by the Payment Systems Regulator in the way appearing to the regulator to be best calculated to bring it to the attention of the public.

(5) The Treasury must lay before Parliament a copy of each standards instrument made under this section.

(6) The Payment Systems Regulator may charge a reasonable fee for providing a person with a copy of a standards instrument.

97C

(1) A standards instrument may be made only if it has been approved by the Treasury.

(2) The Treasury may refuse to approve a standards instrument if subsection (3) applies.

(3) This subsection applies if it appears to the Treasury that the instrument would—

(a) have implications for public funds (within the meaning of section 78(2) of the Banking Act 2009); or

(b) prejudice any current or proposed negotiations for an international agreement between the United Kingdom and one or more other countries, international organisations or institutions.

(4) For the purposes of subsection (3), “international organisations” includes the European Union.

(5) The Treasury must notify the Payment Systems Regulator in writing whether or not they approve a standards instrument within four weeks after the day on which that instrument is submitted to the Treasury for approval (“the relevant period”).

(6) Provision of a draft standards instrument to the Treasury for consultation does not amount to submission of the instrument for approval.

(7) If the Treasury do not approve the instrument, they must—

(a) set out in the notice given under subsection (5) the Treasury’s reasons for not approving the instrument;

(b) lay before Parliament—

(i) a copy of that notice;

(ii) a copy of any statement made by the Payment Systems Regulator as to its reasons for wishing to make the instrument.

(8) If the Treasury do not give notice under subsection (5) before the end of the relevant period, the Treasury is deemed to have approved the standards instrument.

97D

(1) Section 104 (consultation in relation to generally applicable requirements) applies to making technical standards as it applies to imposing a generally applicable requirement within the meaning of section 104(1), as if—

(a) in subsection (3)(c) the reference to the Payment Systems Regulator’s duties under section 49 were a reference to the Payment Systems Regulator’s duties under regulation 3(2) and (4) of the Payment Card Interchange Fee Regulations 2015 (“the 2015 Regulations”);

(b) in subsection (10), the reference to regulated payment systems were a reference to regulated persons within the meaning of regulation 2(1) of the 2015 Regulations.

(2) The provisions of the Financial Services and Markets Act 2000 listed in subsection (3) apply to technical standards made by the Payment Systems Regulator as they apply to rules made by the FCA subject to the modifications specified in subsection (3).

(3) The provisions referred to in subsection (2) are—

(a) section 137T (general supplementary powers) (ignoring paragraph (b));

(b) section 138E (limit on effect of contravening rules) (ignoring subsection (3));

(d) section 138H (verification of rules) (treating the reference in subsection (2)(c) to section 138G(4) of the Act as a reference to section 97B(4)).

Functions of FCA under competition legislation

Fees to meet Treasury expenditure relating to international organisations

Orders and regulations: general

Minor amendments

Funding (regulated persons)

9A

(1) For the purposes mentioned in sub-paragraph (2), the Regulator may make rules requiring regulated persons within the meaning of regulation 2(1) of the Payment Card Interchange Fee Regulations 2015 to pay to the Regulator specified amounts or amounts calculated in a specified way.

(2) The purpose is to meet the expenses incurred, or expected to be incurred, by the Regulator in connection with any functions conferred on it by virtue of regulations made under the European Union (Withdrawal) Act 2018.

(3) Before making any rules under this paragraph, the Regulator must consult the FCA and the Treasury.

(4) In this paragraph “specified” means specified in the rules.

(5) The sections listed in sub-paragraph (6) apply, subject to the modifications specified in that sub-paragraph, to rules made by the Regulator under this paragraph as they apply to rules made by the FCA.

(6) The sections referred to in sub-paragraph (5) are—

(a) section 137T (general supplementary powers) as if the reference in paragraph (a) to authorised person were a reference to regulated persons;

(b) section 138A (modification or waiver of rules) as if the reference to the regulator’s objectives were a reference to the payment systems objectives of the Regulator (within the meaning of section 49);

(d) section 138E (limits on effects of contravening rules), ignoring subsection (3);

(e) section 138F (notification of rules), ignoring subsection (2);

(f) section 138G (rule-making instruments);

(g) section 138H (verification of rules).

Statements of responsibilities

Power to give approval subject to conditions or for limited period

Duty to notify regulator of grounds for withdrawal of approval

Orders and regulations: Parliamentary control

Powers to participate in Part 26A proceedings

124A

(1) This section applies where Part 26A of the Companies Act 2006 (“the 2006 Act”) (arrangements and reconstructions: companies in financial difficulty) applies in relation to an infrastructure company.

(2) A relevant applicant must give notice to the Bank of England of—

(a) any application which the relevant applicant intends to make under section 901C(1) of the 2006 Act, and

(b) any application which the relevant applicant believes a creditor or member of the company has made, or intends to make, under section 901C(1) of that Act in relation to the company.

(3) A relevant applicant may not make an application under section 901C(1) of the 2006 Act in relation to the company without the consent of the Bank of England.

(4) In this section “relevant applicant”, in relation to a company, means—

(a) the company;

(b) if the company is being wound up, the liquidator;

(5) The Bank of England is entitled to be heard at any hearing of an application made under section 901C or 901F of the 2006 Act in relation to the company.

(6) Any notice or other document required to be sent to a creditor of the company must also be sent to the Bank of England.

(7) A person appointed for the purpose by the Bank of England is entitled—

(a) to attend any meeting of creditors of the company summoned under section 901C of the 2006 Act;

(b) to make representations as to any matter for decision at such a meeting.

(8) Sections 197, 198 and 202A of the Banking Act 2009, and sections 201 and 202 of that Act, so far as relating to those sections, apply in relation to a failure by an infrastructure company to comply with subsection (2) or (3) above as they apply in relation to a compliance failure within the meaning of Part 5 of that Act.

Building societies

Orders and regulations: general

Meaning of “payment system”

Competition scrutiny

Recommendations

102A

(1) The Treasury may at any time by notice in writing to the Payment Systems Regulator make recommendations to the Regulator about aspects of the economic policy of His Majesty’s Government to which the Regulator should have regard when considering—

(a) how to advance one or more of its payment systems objectives,

(b) the application of the regulatory principles in section 53, and

(i) Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions,

(ii) the Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), or

(iii) the Payment Services Regulations 2017 (S.I. 2017/752).

(2) The Treasury must make recommendations under subsection (1) at least once in each Parliament.

(3) The Payment Systems Regulator must respond to each recommendation made to it under subsection (1) by notifying the Treasury in writing of—

(a) action that the Regulator has taken or intends to take in accordance with the recommendation, or

(b) the reasons why the Regulator has not acted or does not intend to act in accordance with the recommendation.

(4) The notice under subsection (3) must be given before the end of 12 months beginning with the date the notice containing the recommendation was given under subsection (1).

(5) Where the Payment Systems Regulator has given notice under subsection (3) in relation to a recommendation, the Regulator must by notice in writing update the Treasury on the matters mentioned in subsection (3)(a) and (b) before the end of each subsequent period of 12 months.

(6) Subsection (5) does not apply if the Treasury have notified the Payment Systems Regulator in writing that no update (or further update) is required.

(7) The Payment Systems Regulator is not required under subsection (3) or (5) to provide any information whose publication would in the opinion of the Regulator be against the public interest.

(8) The Treasury must—

(a) publish in such manner as they think fit any notice given under subsection (1), (3) or (5), and

(b) lay a copy of it before Parliament.

102B

(1) This section applies where the Payment Systems Regulator proposes to impose a generally applicable requirement (as defined by section 104(1)).

(2) The Regulator must have regard to any specified matters that are relevant to the imposition of the requirement in question.

(3) “Specified” means specified in regulations made by the Treasury for the purposes of this section.

(4) The specification of a matter for the purposes of this section may apply generally to the exercise of a function or be limited in whatever way the Treasury consider appropriate, including by reference to—

(a) the power under which the function is carried out;

(b) the persons to whom the carrying out of the function apply;

(5) The duty under subsection (2) is in addition to any other requirements to have regard to matters when exercising relevant functions imposed by another provision of this Act or by any other enactment.

104A

(1) This section applies where the Payment Systems Regulator issues a public consultation.

(2) The Payment Systems Regulator must include information in the consultation about any engagement by the Payment Systems Regulator with the statutory panels of the Payment Systems Regulator, the FCA and the PRA in relation to the matters being consulted on.

(3) The Payment Systems Regulator is not required under subsection (2) to include any information whose publication would in the opinion of the Payment Systems Regulator be against the public interest.

(4) For the purposes of this section, the Payment Systems Regulator issues a public consultation if it publishes any proposals for the purpose of bringing them to the attention of the public (whether or not under a duty to do so imposed by an enactment).

(5) In this section a “statutory panel”—

(a) in relation to the Payment Systems Regulator, means a panel established under section 103(3),

(b) in relation to the FCA, has the meaning given by section 1RA(8) of FSMA 2000, and

104B

The Payment Systems Regulator must keep under review generally any generally applicable requirements.

104C

(1) The Payment Systems Regulator must prepare and publish a statement of its policy with respect to its review of requirements under section 104B.

(2) The statement must provide information about—

(a) how representations (including by a relevant panel) can be made to the Regulator with respect to its review of requirements under section 104B, and

(b) the arrangements to ensure that those representations are considered.

(3) In this section “relevant panel” means—

(a) a panel of the Payment Systems Regulator established under section 103(3),

(b) a panel of the FCA mentioned in section 1RA(8) of FSMA 2000, and

(4) If a statement published under this section is altered or replaced by the Payment Systems Regulator, the Regulator must publish the altered or replaced statement.

(5) A statement prepared under this section must be published by the Payment Systems Regulator in the way appearing to the Regulator to be best designed to bring it to the attention of the public.

104D

(1) The Treasury may by direction require the Payment Systems Regulator to carry out a review of any generally applicable requirement specified in the direction if—

(a) the requirement has been in force for at least 12 months,

(b) the Treasury consider that it is in the public interest that the requirement is reviewed, and

(i) the regulator is carrying out, or proposes to carry out, a review of that requirement, or

(ii) if the regulator proposes to carry out a review, the proposals are appropriate for the purposes of carrying out an effective review.

(2) The Treasury must consult the Payment Systems Regulator before giving a direction under subsection (1).

(3) In exercising the power under this section, the Treasury must have regard to the desirability of minimising any adverse effect that the carrying out of the review may have on the exercise by the Payment Systems Regulator of any of its other functions.

(4) A direction under subsection (1) may—

(a) specify the period within which a review must be carried out;

(b) determine the scope and conduct of a review;

(5) Provision made in a direction under subsection (4)(b) may include a requirement—

(a) for a review to be carried out by a person appointed by the Payment Systems Regulator who is independent of the Regulator;

(b) for any such appointment to be made only with the approval of the Treasury.

(6) As soon as practicable after giving the direction the Treasury must—

(a) lay before Parliament a copy of the direction, and

(b) publish the direction in such manner as the Treasury think fit.

(7) Subsection (6) does not apply where the Treasury consider that publication of the direction would be against the public interest.

(8) A direction under this section may be varied or revoked by the giving of a further direction.

104E

(1) This section applies where the Treasury have given a direction to the Payment Systems Regulator under section 104D(1) to carry out a review.

(2) The Payment Systems Regulator must provide a written report to the Treasury as to the opinion of the Regulator in relation to the following matters—

(a) whether the requirements under review advance one or more of the payment systems objectives;

(b) whether and to what extent the requirements are functioning effectively and achieving their intended purpose;

(d) whether any requirements should be withdrawn (with or without replacement);

(e) whether any other action should be taken and, if so, what that action should be.

(3) As soon as practicable after receiving the report the Treasury must—

(a) lay before Parliament a copy of the report, and

(b) publish the report in such manner as the Treasury think fit.

(4) When complying with subsection (3) the Treasury may withhold material from the report if the Treasury consider that publication of the material would be against the public interest.

104F

(1) The Treasury may by regulations require the Payment Systems Regulator to exercise a power under this Part to impose a generally applicable requirement in relation to a specified activity or a specified description of person.

(2) Regulations under this section may—

(a) specify matters that the requirement must cover;

(b) specify a period within which the requirement must be made.

(3) But except so far as permitted by subsection (2), regulations under this section may not require the requirement to be imposed—

(a) in a specified form or with specified content, or

(b) to achieve or advance a specified outcome.

(4) If no period is specified under subsection (2)(b) the requirement must be imposed as soon as reasonably practicable after the coming into force of the regulations.

104G

(1) Except as provided by subsection (2), the Payment Systems Regulator must consult the FCA Cost Benefit Analysis Panel, and that Panel must provide advice, about the following matters—

(a) the preparation of a cost benefit analysis under section 104(3)(a) or (6);

(b) the preparation of its statement of policy under section 104H.

(2) The requirement to consult under subsection (1)(a) does not apply in such cases as may be set out in the statement of policy maintained under section 104H.

(3) The FCA Cost Benefit Analysis Panel must—

(a) keep under review how the Payment Systems Regulator is performing generally in carrying out its duties under section 104(3)(a) and (6), and

(b) provide to the Payment Systems Regulator whatever recommendations the Panel thinks appropriate as a result of such review.

(4) The Payment Systems Regulator must consider representations that are made to it by the FCA Cost Benefit Analysis Panel.

(5) The Payment Systems Regulator must from time to time publish in such manner as it thinks fit responses to the representations.

(6) In this section references to the “FCA Cost Benefit Analysis Panel” are to the panel established under section 138IA of FSMA 2000.

104H

(1) The Payment Systems Regulator must prepare and publish a statement of policy in relation to the preparation of cost benefit analyses for the purposes of section 104.

(2) The statement must provide information about—

(a) the methodology adopted in preparing cost benefit analyses;

(b) matters to which the Payment Systems Regulator has regard in determining whether section 104(8) applies;

(c) matters to which the Payment Systems Regulator has regard in determining whether section 104(10) or (11) applies in relation to the preparation of a cost benefit analysis;

(d) arrangements to ensure that representations in connection with a cost benefit analysis that are made in accordance with section 104(3)(d) are considered;

(e) cases in which the requirement to consult the FCA Cost Benefit Analysis Panel in relation to the preparation of a cost benefit analysis does not apply.

(3) The statement may include whatever other information in relation to cost benefit analyses that the Payment Systems Regulator considers appropriate.

(4) The Payment Systems Regulator may alter or replace a statement published under this section.

(5) The Payment Systems Regulator must publish a statement as altered or replaced under subsection (4).

(6) Publication under this section is to be made in such manner as the Payment Systems Regulator considers best designed to bring the statement to the attention of the public.

104I

(1) The Payment Systems Regulator must prepare and publish a statement of policy in relation to the appointment of members to any panel established under section 103(3).

(2) The statement must provide information about—

(a) the process adopted for making appointments;

(b) matters considered in determining who is appointed.

(3) The statement may provide whatever other information in relation to the making of appointments that the Payment Systems Regulator considers appropriate.

(4) The Payment Systems Regulator may alter or replace a statement published under this section.

(5) The Payment Systems Regulator must publish a statement as altered or replaced under subsection (4).

(6) Before publishing a statement under this section the Payment Systems Regulator must—

(a) consult the Treasury about the proposed statement, and

(b) have regard to any representations the Treasury make in response to the consultation.

(7) Publication under this section is to be made in such manner as the Payment Systems Regulator considers best designed to bring the statement to the attention of the public.

Competition scrutiny

Duty of FCA to make rules restricting charges for high-cost short-term credit

Accounts of Bank of England and its wholly-owned subsidiaries

Building societies

Other reports

7A

(1) The Treasury may (subject to this paragraph) at any time by direction require the Regulator to publish a report containing information about such matters as are specified in the direction.

(2) The Treasury may give a direction under this paragraph requiring information to be published only if the Treasury consider that—

(a) the information is reasonably necessary for the purpose of reviewing and scrutinising the discharge of the Regulator’s functions, and

(b) other available information is not sufficient to meet that purpose.

(3) Subject to sub-paragraph (4), the Regulator must publish a report prepared under a direction given under this paragraph in such manner, and within such period, as the direction may require.

(4) Nothing in this paragraph requires the inclusion in the report of any information whose publication would be against the public interest.

(5) A direction under this paragraph may not—

(a) require a report to be published more than once in each quarter;

(b) require the publication of information that is confidential information as defined by section 91(2).

(6) The Treasury must consult the Regulator before giving a direction under this paragraph.

(7) In exercising the power under this paragraph, the Treasury must have regard to the desirability of minimising any adverse effect that the preparation of the report required in accordance with the direction may have on the exercise by the Regulator of any of its other functions.

(8) The Treasury must—

(a) lay before Parliament a copy of a direction given under this paragraph, and

(b) publish the direction in such manner as the Treasury think fit.

(9) A direction under this paragraph may be varied or revoked by the giving of a further direction.

Engagement with Parliamentary Committees

14A

(1) This paragraph applies where the Regulator issues a relevant consultation.

(2) For the purposes of this paragraph the Regulator issues a relevant consultation if it—

(a) publishes proposed generally applicable requirements under section 104,

(b) publishes a proposal under a duty imposed by another provision of this Act or by any other enactment, or

(3) The Regulator must, as soon as reasonably practicable after issuing the consultation, notify in writing the chair of each relevant Parliamentary Committee that the consultation has been issued.

(4) The notification must specify the parts of the consultation (if any) that address the ways in which the proposals subject to consultation—

(a) advance the Regulator’s payment systems objectives,

(b) demonstrate that the Regulator has had regard to the regulatory principles in section 53 when preparing the proposals, and

(5) The notification must also specify any other part of the consultation which the Regulator considers should be drawn to the attention of the relevant Parliamentary Committees.

(6) References in this paragraph to the relevant Parliamentary Committees are references to—

(a) the Treasury Committee of the House of Commons,

(b) the Committee of the House of Lords which—

(i) is charged with responsibility by that House for the purposes of this paragraph, and

(ii) has notified the Regulator that it is a relevant Parliamentary Committee for those purposes, and

(i) is charged with responsibility by those Houses for the purposes of this paragraph, and

(ii) has notified the Regulator that it is a relevant Parliamentary Committee for those purposes.

(7) References in this paragraph to the Treasury Committee of the House of Commons—

(a) if the name of that Committee is changed, are references to that Committee by its new name, and

(b) if the functions of that Committee (or substantially corresponding functions) become functions of a different Committee of the House of Commons, are to be treated as reference to the Committee by which the functions are exercisable.

(8) Any question arising under sub-paragraph (7) is to be determined by the Speaker of the House of Commons.

14B

(1) This paragraph applies where—

(a) the Regulator issues a public consultation, and

(b) a Committee of the House of Commons or the House of Lords, or a joint Committee of both Houses, has provided to the Regulator representations in response to the consultation.

(2) For the purposes of this paragraph, the Regulator issues a public consultation if it publishes the draft of any proposals for the purpose of bringing them to the attention of the public (whether or not under a duty to do so imposed by an enactment).

(3) The Regulator must give to the chair of the Committee concerned a written response to the representations.

(4) The duty to respond imposed by sub-paragraph (3) applies only so far as the Regulator would not be under a corresponding duty to do so imposed by another enactment.

(5) The Regulator is not required under sub-paragraph (3) to provide any information whose publication would in the opinion of the Regulator be against the public interest.

107A

(1) This section applies where it appears to the Payment Systems Regulator that there is a material risk that a relevant action it proposes to take would be incompatible with an international trade obligation.

(2) The Payment Systems Regulator must give written notice to the Treasury of the proposed action before proceeding to take it.

(3) Subsection (2) applies only if a duty to consult applies in respect of the taking of the relevant action.

(4) For the purposes of subsection (1) the Payment Systems Regulator proposes to take a “relevant action” if it—

(a) proposes to impose a generally applicable requirement, or

(b) proposes to make changes to its general policies and practices.

(5) For the purposes of subsection (3) a duty to consult applies in respect of a relevant action if—

(a) the duty imposed by section 104 to publish a draft of a proposed requirement applies in respect of the action, or

(b) any other duty (whether or not imposed by a provision of this Act) to publish the proposal to take the action in question applies.

(6) The requirement imposed by subsection (2) must be carried out before the duty to consult in respect of the relevant action is carried out.

(7) Subsection (8) applies in a case where a notice under subsection (2) is not given because of subsection (3).

(8) The Payment Systems Regulator must give written notice to the Treasury of the relevant action it has taken as soon as reasonably practicable after taking it if it appears to the Regulator that there is a material risk that the action is incompatible with an international trade obligation.

(9) In this section “international trade obligation” means an obligation of the United Kingdom that relates to financial services or markets under—

(a) a free trade agreement, as defined by section 5(1) of the Trade Act 2021, or

(b) the agreement establishing the World Trade Organisation signed at Marrakesh on 15 April 1994.

Reading this document does not replace reading the official text published on legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. We assume no responsibility for any inaccuracies arising from the conversion of the original CLML XML to this format.

This text is published under legislation.gov.uk's own terms of reuse, not a Legalize or public-domain licence. legislation.gov.uk
Open Government Licence v3.0 (attribution required)
© Crown and database right. Derived from content available under the Open Government Licence v3.0 from legislation.gov.uk.