SCHEDULES
SCHEDULE 4The Payment Systems Regulator
Annual plan
I16
1
The Regulator must in respect of each of its financial years prepare an annual plan which has been approved by the FCA.
2
The plan must be prepared—
a
in the case of the Regulator's first financial year, as soon as reasonably practicable after it is established, and
b
in the case of each subsequent financial year, before the start of the financial year.
3
The Regulator may, with the approval of the FCA, vary the plan in respect of a financial year at any time after its preparation.
4
An annual plan in respect of a financial year must set out—
a
the aims of the Regulator for the year,
b
how the extent to which each of those aims is met is to be determined,
c
the relative priorities of each of those aims, and
d
how its resources are to be allocated among the activities to be carried on in connection with the discharge of its functions.
5
In sub-paragraph (4) references to aims for a financial year include aims for a longer period that includes that year.
6
Before preparing or varying an annual plan, the Regulator must consult—
a
the Treasury, and
b
such other persons (if any) as the Regulator considers appropriate.
7
The Regulator must publish each annual plan, and each variation of an annual plan, in the way it considers appropriate.