(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
(c)it does not appear to the Treasury that—
(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;
(c)require the provision of interim reports during the carrying out 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.]
Textual Amendments
F1Ss. 104A-104I inserted (29.8.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 7; S.I. 2023/779, reg. 4(ccc)(v)