Financial Services (Banking Reform) Act 2013 (c. 33)

PART 5 Regulation of payment systems

Designation as a regulated payment system

45 Procedure

(1) Before making a designation order in respect of a payment system the Treasury must—

(a) consult the Payment Systems Regulator and, if the system is a recognised inter-bank payment system, the Bank of England,

(b) notify the operator of the system, and

(c) consider any representations made.

(2) In considering whether to make a designation order in respect of a payment system, the Treasury may rely on information provided by—

(a) the Bank of England,

(b) the FCA,

(c) the PRA, or

(d) the Payment Systems Regulator.