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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

Regulatory and competition functions

Section 60: Restrictions on exercise of functions under Part 4 of the Enterprise Act 2002

237.Section 60 imposes a requirement on the CMA and the Payment Systems Regulator to consult each other before exercising any of their concurrently exercisable competition functions. Subsection (2) prevents one exercising functions in relation to a matter if the other had already exercised those functions in relation to that matter. Subsections (4) and (5) make similar provisions for co-ordination between the Payment Systems Regulator and the FCA, which also have concurrent competition functions under Part 4 of EA02 as a consequence of sections 129 and Schedule 8 (which are explained separately below).

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