Paragraph 11 The Payment Systems RegulatorI1I2I3

The Financial Services (Banking Reform) Act 2013 is amended as follows.

In section 59 (functions of the Payment Systems Regulator under Part 4 of EA 2002), after subsection (6) insert—

“(7)

In making any decision, or otherwise taking action, for the purposes of any of its functions that, by virtue of this section, are functions exercisable concurrently with the CMA, the Payment Systems Regulator must have regard to the need for making a decision, or taking action, as soon as reasonably practicable.”

In section 61 (functions of the Payment Systems Regulator under CA 1998), after subsection (5) insert—

“(6)

In making any decision, or otherwise taking action, for the purposes of any of its functions that—

(a)

by virtue of this section, are functions exercisable concurrently with the CMA, and

(b)

are functions within Schedule 4A to the Enterprise and Regulatory Reform Act 2013 by virtue of paragraph 5 of that Schedule,

the Payment Systems Regulator must have regard to the need for making a decision, or taking action, as soon as reasonably practicable.”