Change 1 Article Choose an article Title and introductory text 1 Objectives of Prudential Regulation Authority 2 Modification of objectives of Financial Conduct Authority 3 Amendment of PRA power of direction 4 Ring-fencing of certain activities 5 PRA annual report 6 Ring-fencing transfer schemes 7 Building societies: power to make provision about ring-fencing 8 Independent review of operation of legislation relating to ring-fencing 9 PRA review of proprietary trading 10 Independent review of proprietary trading 11 Reviews of proprietary trading: interpretation 12 Right to obtain documents and information 13 Preferential debts: Great Britain 14 Discharge of functions by the scheme manager 15 Power to require information from scheme manager 16 Scheme manager: appointment of accounting officer 17 Bail-in stabilisation option 18 Functions for which approval is required 19 Senior management functions 20 Statements of responsibilities 21 Vetting by relevant authorised persons of candidates for approval 22 Determination of applications for approval 23 Power to give approval subject to conditions or for limited period 24 Changes in responsibilities of senior managers 25 Duty to notify regulator of grounds for withdrawal of approval 26 Variation of approval 27 Statement of policy 28 Extension of limitation periods for imposing sanctions 29 Certification of employees by relevant authorised persons 30 Rules of conduct 31 Requirement to notify regulator of disciplinary action 32 Definition of “misconduct” 33 Meaning of “relevant authorised person” 34 Recording information about senior managers 35 Consequential amendments relating to Part 4 36 Offence relating to a decision causing a financial institution to fail 37 Section 36: interpretation 38 Institution of proceedings 39 Overview 40 The Payment Systems Regulator 41 Meaning of “payment system” 42 Participants in payment systems etc 43 Designation orders 44 Designation criteria 45 Procedure 46 Amendment of designation order 47 Revocation of designation orders 48 Publication 49 Regulator's general duties in relation to payment systems 50 The competition objective 51 The innovation objective 52 The service-user objective 53 Regulatory principles 54 Directions 55 System rules 56 Power to require granting of access to payment systems 57 Variation of agreements relating to payment systems 58 Power to require disposal of interest in payment system 59 The Regulator's functions under Part 4 of the Enterprise Act 2002 60 Restrictions on exercise of functions under Part 4 of the Enterprise Act 2002 61 The Regulator's functions under the Competition Act 1998 62 Duty to consider exercise of powers under Competition Act 1998 63 Provision of information and assistance to a CMA group 64 Function of keeping markets under review 65 Exclusion of general duties 66 Concurrent competition powers: supplementary provision 67 Amendments relating to Regulator's competition powers 68 Complaints by representative bodies 69 Response by Regulator 70 Complaints: guidance 71 Meaning of “compliance failure” 72 Publication of compliance failures etc 73 Penalties 74 Warning notices 75 Injunctions 76 Appeals: general 77 Appeals to Competition Appeal Tribunal 78 Appeals in relation to penalties 79 Appeals to Competition and Markets Authority 80 Enforcement of requirement to dispose of interest in payment system 81 Power to obtain information or documents 82 Reports by skilled persons 83 Appointment of persons to conduct investigations 84 Investigations: general 85 Powers of persons appointed under section 83 86 Information and documents: supplemental provisions 87 Admissibility of statements made to investigators 88 Entry of premises under warrant 89 Retention of documents taken under section 88 90 Enforcement of information and investigation powers 91 Restrictions on disclosure of confidential information 92 Exemptions from section 91 93 Offences relating to disclosure of confidential information 94 Information received from Bank of England 95 Disclosure of information by Bank to Regulator 96 Guidance 97 Reports 97A Technical standards 97B Standards instruments 97C Treasury approval 97D Application of section 104 of this Act and Part 9A of the Financial Services and Markets Act 2000 98 Duty of regulators to ensure co-ordinated exercise of functions 99 Memorandum of understanding 100 Power of Bank to require Regulator to refrain from specified action 101 Power of FCA to require Regulator to refrain from specified action 102 Power of PRA to require Regulator to refrain from specified action 102A Recommendations by Treasury in connection with general duties 102B Matters to consider when imposing generally applicable requirements 103 Regulator's general duty to consult 104 Consultation in relation to generally applicable requirements 104A Requirements in connection with public consultations 104B Duty of Regulator to review generally applicable requirements 104C Statement of policy relating to review of requirements 104D Requirement to review specified requirements 104E Report on certain reviews 104F Power of Treasury to require the imposition of generally applicable requirements 104G Consultation with the FCA Cost Benefit Analysis Panel 104H Statement of policy in relation to cost benefit analyses 104I Statement of policy on panel appointments 105 Independent inquiries 106 Investigations into regulatory failure 107 Competition scrutiny 107A International trade obligations 108 Relationship with Part 8 of the Payment Services Regulations 2017 109 Exemption from liability in damages for FCA and PRA 110 Interpretation of Part 111 Financial market and cash infrastructure administration 112 Interpretation: infrastructure companies 113 Interpretation: other expressions 114 FMI administration orders 115 Objective of FMI administration 116 Application for FMI administration order 117 Powers of court 118 FMI administrators 119 Continuity of supply 120 Power to direct FMI administrator 121 Conduct of administration, transfer schemes etc. 122 Restriction on winding-up orders and voluntary winding up 123 Restriction on making of ordinary administration orders 124 Restriction on enforcement of security 124A Powers of Bank to participate in Part 26A proceedings 125 Loans 126 Indemnities 127 Interpretation of Part 129 Functions of FCA under competition legislation 130 Competition as a secondary objective of the PRA 131 Duty of FCA to make rules restricting charges for high-cost short-term credit 132 Role of FCA Consumer Panel in relation to PRA 133 Power of FCA and PRA to make rules applying to parent undertakings 134 Duty to meet auditors of certain institutions 135 Fees to meet Treasury expenditure relating to international organisations 136 Amendments of section 429 of FSMA 2000 137 Accounts of Bank of England and its wholly-owned subsidiaries 138 Building societies 139 Power to impose penalties on persons providing claims management services 140 Recovery of expenditure incurred by Office for Legal Complaints 141 Minor amendments 142 Orders and regulations: general 143 Orders and regulations: Parliamentary control 144 Interpretation 145 Power to make further consequential amendments 146 Transitional provisions and savings 147 Extent 148 Commencement and short title SCHEDULE 1 Ring-fencing transfer schemes SCHEDULE 2 Bail-in stabilisation option SCHEDULE 3 Consequential amendments relating to Part 4 SCHEDULE 4 The Payment Systems Regulator SCHEDULE 5 Procedure for appeals to the CMA SCHEDULE 6 Conduct of FMI administration SCHEDULE 7 Financial market infrastructure transfer schemes SCHEDULE 8 Functions of FCA under competition legislation SCHEDULE 9 Building societies SCHEDULE 10 Minor amendments
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As published
51 The innovation objective
(1) The innovation objective is to promote the development of, and innovation in, payment systems in the interests of those who use, or are likely to use, services provided by payment systems, with a view to improving the quality, efficiency and economy of payment systems.
(2) The reference in subsection (1) to promoting the development of, and innovation in, payment systems includes, in particular, a reference to promoting the development of, and innovation in, infrastructure to be used for the purposes of operating payment systems.
Your wording
Your change, as a redline
51 The innovation objective
(1) The innovation objective is to promote the development of, and innovation in, payment systems in the interests of those who use, or are likely to use, services provided by payment systems, with a view to improving the quality, efficiency and economy of payment systems.
(2) The reference in subsection (1) to promoting the development of, and innovation in, payment systems includes, in particular, a reference to promoting the development of, and innovation in, infrastructure to be used for the purposes of operating payment systems.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.