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Financial Services (Banking Reform) Act 2013
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Financial Services (Banking Reform) Act 2013, Section 105 is up to date with all changes known to be in force on or before 30 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.
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105Independent inquiriesU.K.
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adran has no associated
Nodiadau Esboniadol
(1)Section 68 of the Financial Services Act 2012 (cases in which Treasury may arrange independent inquiries) is amended as follows.
(2)In subsection (1), for “two” substitute “ three ”.
(3)After subsection (3) insert—
“(3A)The third case is where it appears to the Treasury that—
(a)events have occurred in relation to a regulated payment system which caused or risked causing significant damage to business or other interests throughout the United Kingdom, and
(b)those events might not have occurred, or the threat or damage might have been reduced, but for a serious failure in—
(i)the system established by Part 5 of the Financial Services (Banking Reform) Act 2013 for the regulation of payment systems, or
(ii)the operation of that system.”
(4)In section 83(1) (interpretation), after the definition of “regulated activity” insert—
““regulated payment system” has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 110 of that Act);”.
Commencement Information
I1S. 105 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
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