Financial Services and Markets Act 2023

52 Chair of the Payment Systems Regulator as member of FCA Board U.K.

(1) FSMA 2000 is amended as follows.

(2) In section 417(1) (definitions), at the appropriate place insert—

• ““the Payment Systems Regulator” means the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013;”.

(3) Schedule 1ZA (FCA: constitution etc) is amended as follows.

(4) In paragraph 2—

(a) in sub-paragraph (2), after paragraph (c) insert—

“(ca) the Chair of the Payment Systems Regulator,”;

(b) in sub-paragraph (3), after “(c)” insert “, (ca)”.

(5) In paragraph 3—

(a) in sub-paragraph (6) after “PRA” insert “or of the Payment Systems Regulator”;

(b) in sub-paragraph (7) for “the Bank’s Deputy Governor for prudential regulation” substitute “a person holding an office mentioned in paragraph 2(2)(c) or (ca)”.

(6) In paragraph 5(a) for “or (c)” substitute “, (c) or (ca)”.

(7) After paragraph 6 insert—

“6A(1) The Chair of the Payment Systems Regulator must not take part in any discussion by or decision of the FCA which relates to—

(a) the exercise of the FCA’s functions in relation to a particular person, or

(b) a decision not to exercise those functions.

(2) Sub-paragraph (1) does not apply at any time when the person who is the Chair of the Payment Systems Regulator also holds the office mentioned in paragraph 2(2)(a).”

Commencement Information

I1 S. 52 in force at 29.8.2023, see s. 86(2)(b)