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Banking Act 2009

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Changes over time for: Section 195

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Status:

Point in time view as at 29/08/2023.

Changes to legislation:

Banking Act 2009, Section 195 is up to date with all changes known to be in force on or before 05 December 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. Help about Changes to Legislation

195Independent reportU.K.

This section has no associated Explanatory Notes

(1)The Bank of England may require

[F1(a)] the operator of a recognised F2... payment system to appoint an expert to report on the operation of the system [F3; F4...

(b)a service provider in relation to a recognised payment system to appoint an expert to report on the provision of services to the system.]

[F5(c)a recognised DSA service provider to appoint an expert to report on the provision of services to payment systems (whether or not recognised), or

(d)a service provider in relation to a recognised DSA service provider to appoint an expert to report on the provision of services to the DSA service provider.]

(2)The Bank may impose a requirement only if it thinks—

(a)the operator [F6, recognised DSA service provider] [F7or service provider] is not taking sufficient account of principles published by the Bank under section 188,

(b)the operator [F8, recognised DSA service provider] [F9or service provider] is failing to comply with a code of practice under section 189, or

(c)the report is likely for any other reason to assist the Bank in the performance of its functions under this Part.

(3)The Bank may impose requirements about—

(a)the nature of the expert to be appointed;

(b)the content of the report;

(c)treatment of the report (including disclosure and publication);

(d)timing.

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