PART 5Regulation of payment systems
The Payment Systems Regulator
I140The Payment Systems Regulator
1
The FCA must establish a body corporate to exercise the functions conferred on the body by or under this Part.
2
The body established under subsection (1) is referred to in this Part as the Payment Systems Regulator.
3
The FCA must take such steps as are necessary to ensure that the Payment Systems Regulator is, at all times, capable of exercising the functions referred to in subsection (1).
4
In complying with the duty imposed by subsection (3) the FCA may, in particular—
a
provide staff to the Payment Systems Regulator, and
b
provide services to the Payment Systems Regulator which the FCA considers would facilitate the exercise of any of those functions.
5
Schedule 4 (which contains further provision about the Payment Systems Regulator) has effect.