Section 131R DesignationF1

(1)

The Treasury may designate a person for the purposes of this Part if the person is—

(a)

a relevant current account provider, or

(b)

an operator of cash access coordination arrangements, and at least one of the participants in the arrangements is a relevant current account provider designated under this section.

(2)

A person is designated by giving the person (the “designated person”) a notice in accordance with this Part (a “designation notice”).

(3)

A designation notice must specify whether the person is designated in relation to—

(a)

the United Kingdom,

(b)

Great Britain only, or

(c)

Northern Ireland only.

(4)

A designation notice given to the operator of cash access coordination arrangements must specify the arrangements in as much detail as is reasonably practicable.

(5)

Before giving a designation notice to a person the Treasury must—

(a)

consult the FCA,

(b)

notify the person, and

(c)

consider any representations made.

(6)

A designated person must—

(a)

comply with rules made by the FCA under section 131V;

(b)

comply with directions given by the FCA to the designated person under section 131W.

Annotations

Textual amendments

F1: Pt. 8B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 1