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Financial Services (Banking Reform) Act 2013

Financial Services (Banking Reform) Act 2013

2013 CHAPTER 33

Commentary

Part 5 – Regulation of Payment Systems

General duties of Regulator

Sections 49 to 53: Duties of Regulator

234.Section 49 establishes the general duties and objectives of the Payment Systems Regulator, which is required, so far as is reasonably possible, to act in a way that advances one or more of its “payment systems objectives”: the “competition objective”, the “innovation objective” and the “service-user objective”. Subsection (3) sets out the matters which the Payment Systems Regulator is required to take into account in discharging its “general functions”. Sections 50, 51 and 52 provide definitions for the “competition objective”, the “innovation objective” and the “service-user objective”. Section 53 sets out the regulatory principles to which the Payment Systems Regulator is required to have regard.

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