Part 5... Payment Systems

Regulation

192Role of F1FCA and PRA

(1)

In exercising powers under this Part the Bank of England shall have regard to any action that F2the FCA or the PRA has taken or could take.

F3(2)

The Bank of England—

(a)

must consult the FCA before taking action under this Part in respect of a recognised F4... payment system the operator of which satisfies section 186(2)(a), and

(b)

must consult the PRA before taking action under this Part in respect of a recognised F4... payment system the operator of which satisfies section 186(2)(b).

(3)

If F5the FCA or the PRA gives the Bank of England notice that F6it is considering taking action in respect of the operator of a recognised F7... payment system who satisfies F8section 186(2)(a) or (b), the Bank may not take action under this Part in respect of the operator unless—

(a)

F9the FCA or (as the case may be) the PRA consents, or

(b)

the notice is withdrawn.