SCHEDULE 6 Designated credit institutions

Cancellation

3.—(1) The Treasury may cancel a designation notice.

(2) Before cancelling a designation notice, the Treasury must—

(a) consult the Authority;

(b) notify the credit institution to which the designation notice relates that it is minded to cancel the designation notice; and

(c) consider any representations made.

(3) Following cancellation of a designation notice, the credit institution must continue to offer a payment account with basic features to any customer holding such an account with the credit institution at the time of cancellation until such time as the customer ceases to be eligible to hold such an account under these Regulations.