Part 5... Payment Systems and service providers

Enforcement

195Independent report

(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.