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Financial Services (Banking Reform) Act 2013
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Financial Services (Banking Reform) Act 2013, Section 49 is up to date with all changes known to be in force on or before 28 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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Changes and effects yet to be applied to Section 49:
- specified provision(s) amendment to earlier commencing S.I. 2015/490, art. 2 by S.I. 2015/2055 art. 2
- specified provision(s) savings and transitional provisions for commencing SI 2015/490 by S.I. 2015/492 Order
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 59(7) inserted by 2024 c. 13 Sch. 29 para. 11(2)
- s. 61(6) inserted by 2024 c. 13 Sch. 29 para. 11(3)
49Regulator's general duties in relation to payment systemsU.K.
This section has no associated Explanatory Notes
(1)In discharging its general functions relating to payment systems the Payment Systems Regulator must, so far as is reasonably possible, act in a way which advances one or more of its payment systems objectives.
(2)The payment systems objectives of the Payment Systems Regulator are—
(a)the competition objective (see section 50),
(b)the innovation objective (see section 51), and
(c)the service-user objective (see section 52).
(3)In discharging its general functions relating to payment systems the Payment Systems Regulator must have regard to—
(a)the importance of maintaining the stability of, and confidence in, the UK financial system,
(b)the importance of payment systems in relation to the performance of functions by the Bank of England in its capacity as a monetary authority, and
(c)the regulatory principles in section 53.
(4)The general functions of the Payment Systems Regulator relating to payment systems are—
(a)its function of giving general directions under section 54 (considered as a whole),
(b)its functions in relation to the giving of general guidance under section 96 (considered as a whole), and
(c)its function of determining the general policy and principles by reference to which it performs particular functions.
Commencement Information
I1S. 49 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
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