192Role of [F1FCA and PRA]U.K.
(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) [F5, a service provider in relation to such a system or a service provider which itself 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)] [F6, a service provider in relation to such a system or a service provider which itself satisfies section 186(2)(b)].
(3)If [F7the FCA or the PRA] gives the Bank of England notice that [F8it] is considering taking action in respect of the operator of a recognised F9... payment system who satisfies [F10section 186(2)(a) or (b)] [F11, a service provider in relation to such a system or a service provider which itself satisfies section 186(2)(a) or (b)] the Bank may not take action under this Part in respect of the operator [F12or service provider] unless—
(a)[F13the FCA or (as the case may be) the PRA] consents, or
(b)the notice is withdrawn.
Textual Amendments
F1Words in s. 192 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 192(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3S. 192(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Word in s. 192(2)(a)(b) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 14
F5Words in s. 192(2)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(12)(a)(i)
F6Words in s. 192(2)(b) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(12)(a)(ii)
F7Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8Word in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9Word in s. 192(3) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 14
F10Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F11Words in s. 192(3) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(12)(b)(i)
F12Words in s. 192(3) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(12)(b)(ii)
F13Words in s. 192(3)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iv), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 192 in force at 12.11.2009 for specified purposes and 31.12.2009 in so far as not already in force by S.I. 2009/3000, arts. 2, 4, Sch. para. 1