Financial Services (Banking Reform) Act 2013

103 Regulator’s general duty to consult

(1) The Payment Systems Regulator must make and maintain effective arrangements for consulting relevant persons on—

(a) the extent to which its general policies and practices are consistent with its general duties under section 49, and

(b) how its payment systems objectives may best be achieved.

(2) The following are “relevant persons” for the purposes of this section—

(a) participants in regulated payment systems, and

(b) those who use, or are likely to use, services provided by regulated payment systems.

(3) Arrangements under this section must include the establishment and maintenance of one or more panels of persons to represent the interests of relevant persons.

(4) Where the Payment Systems Regulator establishes a panel under subsection (3), it must appoint one of the members of the panel to be its chair.

(5) The Treasury’s approval is required for the appointment or dismissal of the chair of a panel established under subsection (3).

(6) The Payment Systems Regulator must—

(a) consider representations that are made to it in accordance with arrangements made under this section, and

(b) from time to time publish, in such manner as it thinks fit, responses to the representations.