- Latest available (Revised)
- Original (As enacted)
Financial Services (Banking Reform) Act 2013, Section 106 is up to date with all changes known to be in force on or before 16 August 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.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
(1)Part 5 of the Financial Services Act 2012 (inquiries and investigations) is amended as follows.
(2)After section 76 insert—
(1)Subsection (3) applies where it appears to the Payment Systems Regulator that—
(a)events have occurred in relation to a regulated payment system which had or could have had a significant adverse effect on effective competition in the interests of—
(i)participants in the payment system, or
(ii)those who use, or are likely to use, the services provided by the payment system, and
(b)those events might not have occurred, or the adverse effect 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.
(2)Subsection (3) also applies where the Treasury direct the Payment Systems Regulator that it appears to the Treasury that the conditions in subsection (1) are met in relation to specified events.
(3)The Payment Systems Regulator must carry out an investigation into the events and the circumstances surrounding them and report to the Treasury on the result of the investigation.
(4)Subsection (3) does not apply by virtue of subsection (1) if the Treasury direct the Payment Systems Regulator that it is not required to carry out an investigation into the events concerned.
(5)In this section “participant”, in relation to a regulated payment system, has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 42 of that Act).”
(3)In section 77 (power of Treasury to require FCA or PRA to undertake investigation)—
(a)in subsection (1)(a), for “either regulator” substitute “ a regulator ”;
(b)in subsection (3), omit the “or” at the end of paragraph (b) and after paragraph (c) insert “, or
(d)a regulated payment system.”;
(c)the heading of that section becomes “ Power of Treasury to require regulator to undertake investigation ”.
(4)In section 78 (conduct of investigation), in subsection (1), for “or 74” substitute “ , 74 or 76A ”.
(5)In section 79 (conclusion of investigation), for “or 74” substitute “ , 74 or 76A ”.
(6)In section 80 (statements of policy), in subsection (1)(a), for “or 74” substitute “ , 74 or 76A ”.
(7)In section 81 (publication of directions), in subsection (1), after paragraph (b) insert—
“(ba)section 76A(4);”.
(8)In section 83(1) (interpretation)—
(a)after the definition of “listed securities” insert—
““the Payment Systems Regulator” means the body established under section 40 of the Financial Services (Banking Reform) Act 2013;”;
(b)in the definition of “regulator”, for “or the PRA” substitute “ , the PRA or the Payment Systems Regulator ”.
Commencement Information
I1S. 106 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
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?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
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?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
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?
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?
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?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: