Search Legislation

Financial Services (Banking Reform) Act 2013

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 9

 Help about opening options

Changes to legislation:

Financial Services (Banking Reform) Act 2013, Paragraph 9 is up to date with all changes known to be in force on or before 25 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

This section has no associated Explanatory Notes

9(1)For the purposes mentioned in sub-paragraph (2) the FCA may make rules requiring participants in regulated payment systems to pay to the FCA specified amounts or amounts calculated in a specified way.U.K.

(2)The purposes are—

(a)meeting the relevant costs (see sub-paragraph (3)), and

(b)enabling the Regulator to maintain adequate reserves.

(3)In this paragraph “the relevant costs” means—

(a)the expenses incurred, or expected to be incurred, by the Regulator in connection with the discharge of its functions,

(b)the expenses incurred by the FCA in establishing the Regulator,

(c)any other expenses incurred by the FCA in connection with the discharge of its functions under this Part, and

(d)any expenses incurred, or expected to be incurred, by the FCA in connection with the discharge of the Regulator's functions by an officer or member of staff of the FCA under arrangements made under paragraph 5.

For the purposes of paragraph (b) it does not matter when the expenses were incurred.

(4)Before making any rules under sub-paragraph (1) the FCA must consult the Treasury.

(5)The amounts to be paid under the rules may include a component to cover the expenses of the FCA in collecting the payments (“collection costs”).

(6)The FCA must pay to the Regulator the amounts that it receives under the rules, apart from the following amounts (which it may keep)—

(a)amounts in respect of expenses falling within sub-paragraph (3)(b) to (d);

(b)amounts in respect of its collection costs.

(7)In this paragraph “specified” means specified in the rules.

(8)The FCA's power to make rules under this paragraph is to be treated as if it were a power of the FCA to make rules under FSMA 2000 (and rules made under this paragraph are to be treated accordingly).

(9)But the requirements to carry out a cost benefit analysis under section 138I of FSMA 2000 do not apply in relation to rules made under this paragraph.

Modifications etc. (not altering text)

C2Sch. 4 paras. 9-14 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), regs. 1(6), 136(3) (with reg. 3)

Commencement Information

I1Sch. 4 para. 9 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?