OpenLegislation

Section 192 Role of FCA and PRAF13I1

United Kingdom

(1)

In exercising powers under this Part the Bank of England shall have regard to any action that F1the FCA or the PRA has taken or could take.

F2(2)

The Bank of England—

(a)

must consult the FCA before taking action under this Part in respect of a recognised F3... payment system the operator of which satisfies section 186(2)(a) F4, a service provider in relation to such a system or a service provider which itself satisfies section 186(2)(a) and

(b)

must consult the PRA before taking action under this Part in respect of a recognised ... payment system the operator of which satisfies section 186(2)(b) F5, a service provider in relation to such a system or a service provider which itself satisfies section 186(2)(b).

(3)

If F6the FCA or the PRA gives the Bank of England notice that F7it is considering taking action in respect of the operator of a recognised F8... payment system who satisfies F9section 186(2)(a) or (b) F10, a service provider in relation to such a system or a service provider which itself satisfies section 186(2)(a) or (b) the Bank may not take action under this Part in respect of the operator F11or service provider unless—

(a)

F12the FCA or (as the case may be) the PRA consents, or

(b)

the notice is withdrawn.

Annotations

Textual amendments

F1

Words in s. 192(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2

S. 192(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3

Word in s. 192(2)(a)(b) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 14

F4

Words in s. 192(2)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(12)(a)(i)

F5

Words in s. 192(2)(b) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(12)(a)(ii)

F6

Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7

Word in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F8

Word in s. 192(3) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 14

F9

Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F10

Words in s. 192(3) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(12)(b)(i)

F11

Words in s. 192(3) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(12)(b)(ii)

F12

Words in s. 192(3)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iv), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F13

Words in s. 192 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement

I1

S. 192 in force at 12.11.2009 for specified purposes and 31.12.2009 in so far as not already in force by S.I. 2009/3000, arts. 2, 4, Sch. para. 1

Notes on Part 5

Textual amendments

F1

Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2

F2

Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2