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Financial Services and Markets Act 2000

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Changes to legislation:

Financial Services and Markets Act 2000, Section 131S is up to date with all changes known to be in force on or before 10 March 2025. 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

[F1131SDesignation criteriaU.K.

This section has no associated Explanatory Notes

(1)The Treasury may designate a person for the purposes of this Part, in relation to the United Kingdom, Great Britain only, or Northern Ireland only (as the case may be), only if satisfied that doing so is likely to further the purpose mentioned in section 131U(1).

(2)In considering whether to designate a relevant current account provider, the Treasury must have regard to—

(a)the distribution of cash access services operated by the provider in the United Kingdom, Great Britain or Northern Ireland (as the case may be);

(b)the distribution in the United Kingdom, Great Britain or Northern Ireland (as the case may be) of persons holding current accounts provided by the provider;

(c)the provider’s share of the current account market in the United Kingdom, Great Britain or Northern Ireland (as the case may be);

(d)the total value of the deposits held in current accounts provided by the provider in the United Kingdom, Great Britain or Northern Ireland (as the case may be).

(3)If a relevant current account provider is part of a group which includes one or more other relevant current account providers, references in subsection (2) to the provider are to be read as references to—

(a)the provider, and

(b)each of those other relevant current account providers.

(4)For the purposes of subsection (3), section 421 (meaning of “group”) applies with the omission of subsection (1)(g) of that section.]

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