80 Enforcement of requirement to dispose of interest in payment system
(1) A requirement imposed under section 58 is enforceable by civil proceedings brought by the Payment Systems Regulator for an injunction or for interdict or for any other appropriate relief or remedy.
(2) Civil proceedings may not be brought to enforce a requirement imposed under that section unless—
(a) the time for bringing an appeal against the decision to impose the requirement has expired and no appeal has been brought within that time, or
(b) the person on whom the requirement was imposed has within that time brought such an appeal and the appeal has been dismissed or withdrawn.
(1) The Payment Systems Regulator may by notice in writing require a person to provide information or documents—
(a) which the Payment Systems Regulator thinks will help the Treasury in determining whether to make a designation order, or
(b) which the Payment Systems Regulator otherwise requires in connection with its functions under this Part.
(2) In particular, a notice under subsection (1) may require a participant in a regulated payment system to notify the Payment Systems Regulator if events of a specified kind occur.
(3) A notice under subsection (1) may require information or documents to be provided—
(a) in a specified form or manner;
(b) at a specified time;
(c) in respect of a specified period.
(1) The Payment Systems Regulator may—
(a) require a person who is a participant in a regulated payment system to provide the Payment Systems Regulator with a report on any matter relating to the person's participation in the system (“the matter concerned”), or
(b) appoint a person to provide the Payment Systems Regulator with a report on the matter concerned.
The person whose participation in the payment system is to be the subject of the report is referred to in this section as “the relevant participant”.
(2) The power conferred by subsection (1)(a) is exercisable by giving the relevant participant a notice in writing.
(3) When acting under subsection (1)(a), the Payment Systems Regulator may require the report to be in a form specified in the notice.
(4) The Payment Systems Regulator must give written notice of an appointment under subsection (1)(b) to the relevant participant.
(5) A person appointed to make a report under this section—
(a) must be a person appearing to the Payment Systems Regulator to have the skills necessary to make a report on the matter concerned, and
(b) where the appointment is to be made by the relevant participant, must be a person nominated or approved by the Payment Systems Regulator.
(6) It is the duty of—
(a) the relevant participant, and
(b) any person who is providing (or who has at any time provided) services to the relevant participant in relation to the matter concerned,
to give the person appointed to prepare a report all such assistance as the appointed person may reasonably require.
(7) The obligation imposed by subsection (6) is enforceable, on the application of the Payment Systems Regulator, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.
(8) The Payment Systems Regulator may direct the relevant participant to pay any expenses incurred by the Payment Systems Regulator in relation to an appointment under subsection (1)(b).
83 Appointment of persons to conduct investigations
(1) If it considers that it is desirable to do so in order to advance any of its payment systems objectives, the Payment Systems Regulator may appoint one or more competent persons to conduct an investigation on its behalf into the nature, conduct or state of the business of any participant in a regulated payment system.
(2) If it appears to the Payment Systems Regulator that there are circumstances suggesting that there may have been a compliance failure, the Payment Systems Regulator may appoint one or more competent persons to conduct an investigation on its behalf.
(1) This section applies if the Payment Systems Regulator appoints one or more competent persons (“investigators”) under section 83 to conduct an investigation on its behalf.
(2) The Payment Systems Regulator must give written notice of the appointment of an investigator to the person who is the subject of the investigation.
(3) Subsections (2) and (9) do not apply if—
(a) the Payment Systems Regulator believes that the notice required by subsection (2) or (9) would be likely to result in the investigation being frustrated, or
(b) the investigator is appointed under subsection (2) of section 83.
(4) A notice under subsection (2) must—
(a) specify the provision under which the investigator was appointed, and
(b) state the reason for the appointment.
(5) Nothing prevents the Payment Systems Regulator from appointing as an investigator—
(a) a member of its staff, or
(b) a member of staff of the FCA.
(6) An investigator who conducts an investigation must make a report of the investigation to the Payment Systems Regulator.
(7) The Payment Systems Regulator may, by a direction to an investigator, control—
(a) the scope of the investigation,
(b) the period during which the investigation is to be conducted,
(c) the conduct of the investigation, and
(d) the reporting of the investigation.
(8) A direction may, in particular—
(a) confine the investigation to particular matters;
(b) extend the investigation to additional matters;
(c) require the investigator to discontinue the investigation or to take only those steps that are specified in the direction;
(d) require the investigator to make such interim reports as are so specified.
(9) If there is a change in the scope or conduct of the investigation and, in the opinion of the Payment Systems Regulator, the person who is the subject of the investigation is likely to be significantly prejudiced by not being made aware of it, that person must be given written notice of the change.
(1) An investigator may require any person within subsection (2)—
(a) to attend before the investigator at a specified time and place and answer questions, or
(b) otherwise to provide any information which the investigator requires.
(2) The persons referred to in subsection (1) are—
(a) the person who is the subject of the investigation (“the person under investigation”);
(b) any person connected with the person under investigation;
(c) in the case of an investigation into whether there has been a compliance failure, any person who in the investigator's opinion is or may be able to give information which is or may be relevant to the investigation.
(3) An investigator may also require any person to produce at a specified time and place any specified documents or documents of a specified description.
(4) A requirement under subsection (1) or (3) may be imposed only so far as the investigator concerned reasonably considers the question, provision of information or production of the document to be relevant to the purposes of the investigation.
(5) In the case of an investigation into whether there has been a compliance failure, the investigator may also require any person falling within subsection (2)(c) to give the investigator all assistance in connection with the investigation which the person is reasonably able to give.
(6) For the purposes of this section, a person is connected with the person under investigation (“A”) if the person is or has at any relevant time been—
(a) a member of A's group,
(b) a controller of A, or
(c) a partnership of which A is a member.
(7) In this section—
“controller” has the same meaning as in FSMA 2000 (see section 422 of that Act);
“group” has the same meaning as in FSMA 2000 (see section 421 of that Act);
“investigator” means a person conducting an investigation under section 83;
“specified” means specified in a notice in writing.
86 Information and documents: supplemental provisions
(1) In this section “relevant document” means a document produced in response to a requirement imposed under section 81 or 85.
(2) In a case where—
(a) the Payment Systems Regulator has power under section 81, or an investigator has power under section 85, to require a person to produce a document, but
(b) it appears that the document is in the possession of another person,
the power may be exercised in relation to that other person.
(3) Any person to whom a relevant document is produced may—
(a) take copies or extracts from the document, or
(b) require the person producing the document, or any relevant person (see subsection (4)), to provide an explanation of the document.
(4) “Relevant person”, in relation to a person who is required to produce a document, means a person who—
(a) has been or is or is proposed to be a director or controller of that person,
(b) has been or is an auditor of that person,
(c) has been or is an actuary, accountant or lawyer appointed or instructed by that person, or
(d) has been or is an employee of that person.
(5) A relevant document may be retained for so long as the person to whom it is produced considers that it is necessary to retain it (rather than copies of it) for the purposes for which the document was requested.
(6) If the person to whom a relevant document is produced has reasonable grounds for believing—
(a) that the document may have to be produced for the purposes of any legal proceedings, and
(b) that it might otherwise be unavailable for those purposes,
it may be retained until the proceedings are concluded.
(7) If a person who is required under section 81 or 85 to produce a document fails to do so, the Payment Systems Regulator or an investigator may require the person to state, to the best of the person's knowledge and belief, where the document is.
(8) A lawyer may be required under section 81 or 85 or this section to provide the name and address of a client.
(9) A person may not be required under section 81 or 85 or this section to disclose information or produce a document in respect of which the person owes an obligation of confidence as a result of carrying on the business of banking unless—
(a) the person is the person under investigation or a member of that person's group,
(b) the person to whom the obligation of confidence is owed is the person under investigation or a member of that person's group,
(c) the person to whom the obligation of confidence is owed consents to the disclosure or production, or
(d) the imposing on the person of a requirement with respect to such information or document has been specifically authorised by the Payment Systems Regulator.
(10) If a person claims a lien on a document, its production under section 81 or 85 does not affect the lien.
(11) In this section—
“controller” has the same meaning as in FSMA 2000 (see section 422 of that Act);
“group” has the same meaning as in FSMA 2000 (see section 421 of that Act);
“investigator” means a person appointed under section 83.
87 Admissibility of statements made to investigators
(1) A statement made to an investigator by a person in compliance with an information requirement is admissible in evidence in any proceedings, so long as it also complies with any requirements governing the admissibility of evidence in the circumstances in question.
(2) But in criminal proceedings in which that person is charged with an offence to which this subsection applies—
(a) no evidence relating to the statement may be adduced by or on behalf of the prosecution, and
(b) no question relating to the statement may be asked by or on behalf of the prosecution,
unless evidence relating to the statement is adduced, or a question relating to it is asked, in the proceedings by or on behalf of that person.
(3) Subsection (2) applies to any offence other than—
(a) an offence under section 90(6);
(b) an offence under section 5 of the Perjury Act 1911 (false statements made otherwise than on oath);
(c) an offence under section 44(2) of the Criminal Law (Consolidation) (Scotland) Act 1995 (false statements made otherwise than on oath);
(d) an offence under Article 10 of the Perjury (Northern Ireland) Order 1979.
(4) In this section—
“information requirement” means a requirement imposed by an investigator under section 85 or 86;
“investigator” means a person appointed under section 83.
(1) A justice of the peace may issue a warrant under this section if satisfied on information on oath given by or on behalf of the Payment Systems Regulator or an investigator that there are reasonable grounds for believing that the first or second set of conditions is satisfied.
(2) The first set of conditions is—
(a) that a person on whom an information requirement has been imposed has failed (wholly or in part) to comply with it, and
(b) that on the premises specified in the warrant—
(i) there are documents which have been required, or
(ii) there is information which has been required.
(3) In this section “information requirement” means—
(a) a requirement imposed by the Payment Systems Regulator under section 81 or 86, or
(b) a requirement imposed by an investigator under section 85 or 86.
(4) The second set of conditions is—
(a) that the premises specified in the warrant are premises of a participant in a regulated payment system,
(b) that there are on the premises documents or information in relation to which an information requirement could be imposed, and
(c) that if such a requirement were to be imposed—
(i) it would not be complied with, or
(ii) the documents or information to which it related would be removed, tampered with or destroyed.
(5) A warrant under this section authorises a constable—
(a) to enter the premises specified in the warrant,
(b) to search the premises and take possession of any documents or information appearing to be documents or information of a kind in respect of which a warrant under this section was issued (“the relevant kind”) or to take, in relation to any such documents or information, any other steps which may appear to be necessary for preserving them or preventing interference with them,
(c) to take copies of, or extracts from, any documents or information appearing to be of the relevant kind,
(d) to require any person on the premises to provide an explanation of any document or information appearing to be of the relevant kind or to state where it may be found, and
(e) to use such force as may be reasonably necessary.
(6) A warrant under this section may be executed by any constable.
(7) The warrant may authorise persons to accompany any constable who is executing it.
(8) The powers in subsection (5) may be exercised by a person who—
(a) is authorised by the warrant to accompany a constable, and
(b) exercises those powers in the company of, and under the supervision of, a constable.
(9) In England and Wales, sections 15(5) to (8) and 16(3) to (12) of the Police and Criminal Evidence Act 1984 (execution of search warrants and safeguards) apply to warrants issued under this section.
(10) In Northern Ireland, Articles 17(5) to (8) and 18(3) to (12) of the Police and Criminal Evidence (Northern Ireland) Order 1989 apply to warrants issued under this section.
(11) This section has effect in relation to Scotland as if—
(a) for any reference to a justice of the peace there were substituted a reference to a justice of the peace or a sheriff, and
(b) for any reference to information on oath there were substituted a reference to evidence on oath.
(12) In this section “investigator” means a person appointed under section 83.
(1) Any document of which possession is taken under section 88 (“a seized document”) may be retained so long as it is necessary to retain it (rather than copies of it) in the circumstances.
(2) A person claiming to be the owner of a seized document may apply to a magistrates' court or (in Scotland) the sheriff for an order for the delivery of the document to the person appearing to the court or sheriff to be the owner.
(3) If on an application under subsection (2) the court or (in Scotland) the sheriff cannot ascertain who is the owner of the seized document the court or sheriff (as the case may be) may make such order as the court or sheriff thinks fit.
(4) An order under subsection (2) or (3) does not affect the right of any person to take legal proceedings against any person in possession of a seized document for the recovery of the document.
(5) Any right to bring proceedings (as described in subsection (4)) may only be exercised within 6 months of the date of the order made under subsection (2) or (3).
90 Enforcement of information and investigation powers
(1) If a person other than an investigator (“the defaulter”) fails to comply with a requirement imposed under any of sections 81 to 88, the person imposing the requirement may certify that fact in writing to the court.
(2) If the court is satisfied that the defaulter failed without reasonable excuse to comply with the requirement, it may deal with the defaulter (and in the case of a body corporate, any director or other officer of the body) as if that person were in contempt.
(3) In subsection (2) “officer”, in relation to a limited liability partnership, means a member of the limited liability partnership.
(4) A person who knows or suspects that an investigation is being or is likely to be conducted under section 83 is guilty of an offence if the person—
(a) falsifies, conceals, destroys or otherwise disposes of a document which the person knows or suspects is or would be relevant to such an investigation, or
(b) causes or permits the falsification, concealment, destruction or disposal of such a document.
(5) It is a defence for a person charged with an offence under subsection (4) to show that the person had no intention of concealing facts disclosed by the documents from the investigator.
(6) A person is guilty of an offence if the person, in purported compliance with a requirement imposed under any of sections 81 to 88—
(a) provides information which the person knows to be false or misleading in a material particular, or
(b) recklessly provides information which is false or misleading in a material particular.
(7) A person guilty of an offence under subsection (4) or (6) is liable—
(a) on summary conviction—
(i) in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court (or 6 months, if the offence was committed before 2 May 2022) or a fine, or both;
(ii) in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum, or both;
(iii) in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum, or both;
(b) on conviction on indictment, to imprisonment for a term not exceeding 2 years or a fine, or both.
(8) Any person who intentionally obstructs the exercise of any rights conferred by a warrant under section 88 is guilty of an offence and liable on summary conviction—
(a) in England and Wales, to imprisonment for a term not exceeding 51 weeks (or 3 months, if the offence was committed before the commencement of section 280(2) of the Criminal Justice Act 2003) or a fine, or both;
(b) in Scotland, to imprisonment for a term not exceeding 3 months or a fine not exceeding level 5 on the standard scale, or both;
(c) in Northern Ireland, to imprisonment for a term not exceeding 3 months or a fine not exceeding level 5 on the standard scale, or both.
(9) In this section—
“court” means the High Court or, in Scotland, the Court of Session;
“investigator” means a person appointed under section 83.
91 Restrictions on disclosure of confidential information
(1) Confidential information must not be disclosed by a primary recipient, or by any person obtaining the information directly or indirectly from a primary recipient, without the consent of—
(a) the person from whom the primary recipient obtained the information, and
(b) if different, the person to whom it relates.
(2) In this section “confidential information” means information which—
(a) relates to the business or other affairs of any person,
(b) was received by the primary recipient for the purposes of, or in the discharge of, any functions of the Payment Systems Regulator under this Part, and
(c) is not prevented from being confidential information by subsection (4).
(3) It is immaterial for the purposes of subsection (2) whether or not the information was received—
(a) as a result of a requirement to provide it imposed by or under any enactment;
(b) for other purposes as well as purposes mentioned in that subsection.
(4) Information is not confidential information if—
(a) it has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by this section, or
(b) it is in the form of a summary or a collection of information that is framed in such a way that it is not possible to ascertain from it information relating to any particular person.
(5) Each of the following is a primary recipient for the purposes of this section—
(a) the Payment Systems Regulator;
(b) the FCA;
(c) a person who is or has been employed by the Payment Systems Regulator or the FCA;
(d) a person who is or has been engaged to provide services to the Payment Systems Regulator or the FCA;
(e) any auditor or expert instructed by the Payment Systems Regulator or the FCA;
(f) a person appointed to make a report under section 82;
(g) a person appointed under section 83.
(6) Nothing in this section applies to information received by a primary recipient for the purposes of, or in the discharge of, any functions of the Payment Systems Regulator under the Competition Act 1998 or the Enterprise Act 2002 by virtue of section 59 or 61.
(For provision about the disclosure of such information, see Part 9 of the Enterprise Act 2002.)
(1) Section 91 does not prevent a disclosure of confidential information which—
(a) is made for the purpose of facilitating the carrying out of a public function, and
(b) is permitted by regulations made by the Treasury under this section.
(2) For the purposes of this section “public functions” includes—
(a) functions conferred by or in accordance with any provision contained in any enactment;
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c) similar functions to those in paragraph (a) conferred on persons by or under provisions having effect as part of the law of a country or territory outside the United Kingdom;
(d) functions exercisable in relation to specified disciplinary proceedings.
(3) Regulations under this section may, in particular, make provision permitting the disclosure of confidential information or of confidential information of a specified kind—
(a) by specified recipients, or recipients of a specified description, to any person for the purpose of enabling or assisting the recipient to discharge specified public functions;
(b) by specified recipients, or recipients of a specified description, to specified persons, or persons of specified descriptions, for the purpose of enabling or assisting those persons to discharge specified public functions;
(c) by the Payment Systems Regulator to the Treasury for any purpose;
(d) by any recipient if the disclosure is with a view to or in connection with specified proceedings.
(4) Regulations under this section may also include provision—
(a) making any permission to disclose confidential information subject to conditions (which may relate to the obtaining of consents or any other matter);
(b) restricting the uses to which confidential information disclosed under the regulations may be put.
(5) In relation to confidential information, each of the following is a “recipient”—
(a) a primary recipient;
(b) a person obtaining the information directly or indirectly from a primary recipient.
(6) In this section—
“confidential information” and “primary recipient” have the same meaning as in section 91;
“specified” means specified in regulations.
93 Offences relating to disclosure of confidential information
(1) A person who discloses information in contravention of section 91 is guilty of an offence.
(2) A person guilty of an offence under subsection (1) is liable—
(a) on summary conviction—
(i) in England and Wales, to imprisonment for a term not exceeding 3 months or a fine, or both;
(ii) in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum, or both;
(iii) in Northern Ireland, to imprisonment for a term not exceeding 3 months or a fine not exceeding the statutory maximum, or both;
(b) on conviction on indictment, to imprisonment for a term not exceeding 2 years or a fine, or both.
(3) A person is guilty of an offence if—
(a) information has been disclosed to the person in accordance with regulations made under section 92, and
(b) the person uses the information in contravention of any provision of those regulations.
(4) A person guilty of an offence under subsection (3) is liable on summary conviction—
(a) in England and Wales, to imprisonment for a term not exceeding 51 weeks (or 3 months, if the offence was committed before the commencement of section 280(2) of the Criminal Justice Act 2003) or a fine, or both;
(b) in Scotland, to imprisonment for a term not exceeding 3 months or a fine not exceeding level 5 on the standard scale, or both;
(c) in Northern Ireland, to imprisonment for a term not exceeding 3 months or a fine not exceeding level 5 on the standard scale, or both.
(5) In proceedings against a person (“P”) for an offence under this section it is a defence for P to prove—
(a) that P did not know and had no reason to suspect that the information was confidential information;
(b) that P took all reasonable precautions and exercised all due diligence to avoid committing the offence.
(6) In this section “confidential information” has the same meaning as in section 91.
(1) The following are regulators for the purposes of this section—
(a) the Payment Systems Regulator;
(b) the FCA.
(2) A regulator must not disclose to any person specially protected information.
(3) “Specially protected information” is information in relation to which the first and second conditions are met.
(4) The first condition is that the regulator received the information from—
(a) the Bank of England (“the Bank”), or
(b) the other regulator where that regulator had received the information from the Bank.
(5) The second condition is that the Bank notified the regulator to which it disclosed the information that the Bank held the information for the purpose of its functions with respect to any of the following—
(a) monetary policy;
(b) financial operations intended to support financial institutions for the purposes of maintaining stability;
(c) the provision of private banking services and related services.
(6) The notification referred to in subsection (5) must be—
(a) in writing, and
(b) given before, or at the same time as, the Bank discloses the information.
(7) The prohibition in subsection (2) does not apply—
(a) to disclosure by one regulator to the other regulator where the regulator making the disclosure informs the other regulator that the information is specially protected information by virtue of this section;
(b) where the Bank has consented to disclosure of the information;
(c) to information which has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by this section;
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) In this section references to disclosure by or to a regulator or by the Bank include references to disclosure by or to any of the following—
(a) persons who are, or are acting as, officers of, or members of the staff of, the regulator;
(b) persons who are, or are acting as, officers, employees or agents of the Bank;
(c) auditors, experts, contractors or investigators appointed by the regulator or the Bank under powers conferred by this Part or otherwise.
(9) References to disclosure by a regulator do not include references to disclosure between persons who fall within subsection (8)(a) or (b) in relation to that regulator.
(10) Each regulator must take such steps as are reasonable in the circumstances to prevent the disclosure of specially protected information, in cases not excluded by subsection (7), by those who are or have been—
(a) its officers or members of staff (including persons acting as its officers or members of staff);
(b) auditors, experts, contractors or investigators appointed by the regulator under powers conferred by this Part or otherwise;
(c) persons to whom the regulator has delegated any of its functions.
In section 246 of the Banking Act 2009 (information), in subsection (2), after paragraph (c) insert—
(ca) the Payment Systems Regulator (established under section 40 of the Financial Services (Banking Reform) Act 2013);
.
(1) The Payment Systems Regulator may give guidance consisting of such information and advice as it considers appropriate—
(a) with respect to the operation of specified provisions of this Part;
(b) with respect to any other matter relating to its functions under this Part;
(c) with respect to any other matters about which it appears to the Payment Systems Regulator to be desirable to give information or advice.
(2) Guidance given by the Payment Systems Regulator under this section must include guidance about how it intends to advance its payment systems objectives in discharging its functions under this Part in relation to different categories of payment system or participants in payment systems.
(3) In this Part “general guidance” means guidance given by the Payment Systems Regulator under this section which—
(a) is given—
(i) to persons generally,
(ii) to participants in payment systems, or regulated payment systems, generally, or
(iii) to a class of participant in a payment system or regulated payment system,
(b) is intended to have continuing effect, and
(c) is given in writing or other legible form.
(4) The Payment Systems Regulator may give financial or other assistance to persons giving information or advice of a kind which the Payment Systems Regulator could give under this section.
(5) The Payment Systems Regulator may—
(a) publish its guidance,
(b) offer copies of its published guidance for sale at a reasonable price, and
(c) if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.
If it considers that it is desirable to do so in order to advance any of its payment systems objectives, the Payment Systems Regulator may prepare and publish a report into any matter which it considers relevant to the exercise of its functions under this Part.
(1) This section, section 97B, section 97C and section 97D apply where a power for the Payment Systems Regulator to make technical standards is substituted for the power of an EU entity to make EU tertiary legislation (the “original EU power”) by regulations made under section 8 of the European Union (Withdrawal) Act 2018.
(2) The power to make technical standards includes power to modify, amend or revoke—
(a) any technical standards made by the Payment Systems Regulator under that power;
(b) any EU tertiary legislation made by an EU entity under the original EU power which forms part of assimilated law.
(3) Before making any technical standards in which the FCA, the PRA or the Bank of England has an interest (within the meaning of section 138P(5) of the Financial Services and Markets Act 2000), the Payment Systems Regulator must consult the regulator concerned.
(4) For the purposes of this section, “EU tertiary legislation” has the meaning given in section 14 of the European Union (Withdrawal) Act 2018.
(1) The power to make technical standards is to be exercised by the Payment Systems Regulator by making an instrument under this section (a “standards instrument”).
(2) A standards instrument must specify the provision under which the instrument is being made.
(3) To the extent that a standards instrument does not comply with subsection (2), it is void.
(4) A standards instrument must be published by the Payment Systems Regulator in the way appearing to the regulator to be best calculated to bring it to the attention of the public.
(5) The Treasury must lay before Parliament a copy of each standards instrument made under this section.
(6) The Payment Systems Regulator may charge a reasonable fee for providing a person with a copy of a standards instrument.
(1) A standards instrument may be made only if it has been approved by the Treasury.
(2) The Treasury may refuse to approve a standards instrument if subsection (3) applies.
(3) This subsection applies if it appears to the Treasury that the instrument would—
(a) have implications for public funds (within the meaning of section 78(2) of the Banking Act 2009); or
(b) prejudice any current or proposed negotiations for an international agreement between the United Kingdom and one or more other countries, international organisations or institutions.
(4) For the purposes of subsection (3), “international organisations” includes the European Union.
(5) The Treasury must notify the Payment Systems Regulator in writing whether or not they approve a standards instrument within four weeks after the day on which that instrument is submitted to the Treasury for approval (“the relevant period”).
(6) Provision of a draft standards instrument to the Treasury for consultation does not amount to submission of the instrument for approval.
(7) If the Treasury do not approve the instrument, they must—
(a) set out in the notice given under subsection (5) the Treasury’s reasons for not approving the instrument;
(b) lay before Parliament—
(i) a copy of that notice;
(ii) a copy of any statement made by the Payment Systems Regulator as to its reasons for wishing to make the instrument.
(8) If the Treasury do not give notice under subsection (5) before the end of the relevant period, the Treasury is deemed to have approved the standards instrument.
97D Application of section 104 of this Act and Part 9A of the Financial Services and Markets Act 2000
(1) Section 104 (consultation in relation to generally applicable requirements) applies to making technical standards as it applies to imposing a generally applicable requirement within the meaning of section 104(1), as if—
(a) in subsection (3)(c) the reference to the Payment Systems Regulator’s duties under section 49 were a reference to the Payment Systems Regulator’s duties under regulation 3(2) and (4) of the Payment Card Interchange Fee Regulations 2015 (“the 2015 Regulations”);
(b) in subsection (10), the reference to regulated payment systems were a reference to regulated persons within the meaning of regulation 2(1) of the 2015 Regulations.
(2) The provisions of the Financial Services and Markets Act 2000 listed in subsection (3) apply to technical standards made by the Payment Systems Regulator as they apply to rules made by the FCA subject to the modifications specified in subsection (3).
(3) The provisions referred to in subsection (2) are—
(a) section 137T (general supplementary powers) (ignoring paragraph (b));
(b) section 138E (limit on effect of contravening rules) (ignoring subsection (3));
(c) section 138F (notification of rules) (ignoring subsection (2));
(d) section 138H (verification of rules) (treating the reference in subsection (2)(c) to section 138G(4) of the Act as a reference to section 97B(4)).
98 Duty of regulators to ensure co-ordinated exercise of functions
(1) The following are regulators for the purposes of this section—
(a) the Payment Systems Regulator;
(b) the Bank of England;
(c) the FCA;
(d) the PRA.
(2) The regulators must co-ordinate the exercise of their relevant functions (see subsection (5)) with a view to ensuring—
(a) that each regulator consults every other regulator (where not otherwise required to do so) in connection with any proposed exercise of a relevant function in a way that may have a material adverse effect on the advancement by that other regulator of any of its objectives;
(b) that where appropriate each regulator obtains information and advice from every other regulator in connection with the exercise of its relevant functions in relation to matters of common regulatory interest in cases where the other regulator may be expected to have relevant information or relevant expertise.
(3) The duty in subsection (2) applies only to the extent that compliance with the duty—
(a) is compatible with the advancement by each regulator of any of its objectives, and
(b) does not impose a burden on the regulators that is disproportionate to the benefits of compliance.
(4) A function conferred on a regulator relates to matters of common regulatory interest if—
(a) another regulator exercises similar or related functions in relation to the same persons,
(b) another regulator exercises functions which relate to different persons but relate to similar subject-matter, or
(c) its exercise could affect the advancement by another regulator of any of its objectives.
(5) “Relevant functions” means—
(a) in relation to the Payment Systems Regulator, its functions under this Part or Part 2 of the Payment Card Interchange Fee Regulations 2015 ;
(b) in relation to the Bank of England, its functions under Part 5 of the Banking Act 2009 (...payment systems) or Part 5A of that Act (wholesale cash distribution);
(c) in relation to the FCA—
(i) the functions conferred on it by or under FSMA 2000 (see section 1A(6) of that Act);
(ii) the functions conferred on it by or under Part 3 of the Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911);
(iii) the functions conferred on it by or under the Electronic Money Regulations 2011 (S.I. 2011/99);
(iv) its functions in regulating—
(a) credit institutions where authorised under Part 4A of FSMA 2000, or
(b) authorised payment institutions under the Payment Services Regulations 2017 (S.I. 2017/752).
(d) in relation to the PRA, the functions conferred on it by or under FSMA 2000 (see section 2AB(3) of that Act).
(6) “Objectives” means—
(a) in relation to the Payment Systems Regulator, its payment systems objectives and ensuring compliance with the interchange fee regulation (see Part 2 of the Payment Card Interchange Fee Regulations 2015) ;
(b) in relation to the Bank of England, its Financial Stability Objective under section 2A of the Bank of England Act 1998;
(c) in relation to the FCA, its strategic objective and operational objectives under section 1B of FSMA 2000 and ensuring compliance with Articles 8(2), (5) and (6), 9, 10(1) and (5), 11 and 12 of the interchange fee regulation (see Part 3 of the Payment Card Interchange Fee Regulations 2015) ;
(d) in relation to the PRA, its general objective under section 2B of that Act.
(7) In subsection (6) “the interchange fee regulation” means Regulation (EU) 2015/751 of the European Parliament and of the Council of 29th April 2015 on interchange fees for card-based payment transactions.
(1) The following are regulators for the purposes of this section—
(a) the Payment Systems Regulator;
(b) the Bank of England;
(c) the FCA;
(d) the PRA.
(2) The regulators must prepare and maintain a memorandum which describes in general terms—
(a) the role of each regulator in relation to the exercise of relevant functions which relate to matters of common regulatory interest, and
(b) how the regulators intend to comply with section 98 in relation to the exercise of such functions.
(3) The regulators must review the memorandum at least once in each calendar year.
(4) The regulators must give the Treasury a copy of the memorandum and any revised memorandum.
(5) The Treasury must lay before Parliament a copy of any document received by them under this section.
(6) The regulators must ensure that the memorandum as currently in force is published in the way appearing to them to be best calculated to bring it to the attention of the public.
(7) The memorandum need not relate to any aspect of compliance with section 98 if the regulators consider—
(a) that publication of information about that aspect would be against the public interest, or
(b) that that aspect is a technical or operational matter not affecting the public.
(8) In this section—
(a) the reference in subsection (2)(a) to matters of common regulatory interest is to be read in accordance with section 98(4), and
(b) references to relevant functions are to be read in accordance with section 98(5).
100 Power of Bank to require Regulator to refrain from specified action
(1) Where the first, second and third conditions are met, the Bank of England may give a direction under this section to the Payment Systems Regulator.
(2) The first condition is that the Payment Systems Regulator is proposing to exercise any of its powers under this Part in relation to a participant in a regulated payment system.
(3) The second condition is that the Bank of England is of the opinion that the exercise of the power in the manner proposed may—
(a) threaten the stability of the UK financial system,
(b) have serious consequences for business or other interests in the United Kingdom, or
(c) have an adverse effect on the Bank's ability to act in its capacity as a monetary authority.
(4) The third condition is that the Bank of England is of the opinion that the giving of the direction is necessary in order to avoid the possible consequence falling within subsection (3).
(5) A direction under this section is a direction requiring the Payment Systems Regulator not to exercise the power or not to exercise it in a specified manner.
(6) The direction may be expressed to have effect during a specified period or until revoked.
(7) The Payment Systems Regulator is not required to comply with a direction under this section if or to the extent that in the opinion of the Payment Systems Regulator compliance would be incompatible with any ... international obligation of the United Kingdom.
101 Power of FCA to require Regulator to refrain from specified action
(1) Where the first, second and third conditions are met, the FCA may give a direction under this section to the Payment Systems Regulator.
(2) The first condition is that the Payment Systems Regulator is proposing to exercise any of its powers under this Part in relation to a participant in a regulated payment system.
(3) The second condition is that the FCA is of the opinion that the exercise of the power in the manner proposed may have an adverse effect on the ability of the FCA to comply with its duty under section 1B(1) of FSMA 2000 (FCA's general duties).
(4) The third condition is that the FCA is of the opinion that the giving of the direction is necessary in order to avoid the possible consequence falling within subsection (3).
(5) A direction under this section is a direction requiring the Payment Systems Regulator not to exercise the power or not to exercise it in a specified manner.
(6) The direction may be expressed to have effect during a specified period or until revoked.
(7) The Payment Systems Regulator is not required to comply with a direction under this section if or to the extent that in the opinion of the Payment Systems Regulator compliance would be incompatible with any ... international obligation of the United Kingdom.
102 Power of PRA to require Regulator to refrain from specified action
(1) Where the first, second and third conditions are met, the PRA may give a direction under this section to the Payment Systems Regulator.
(2) The first condition is that the Payment Systems Regulator is proposing to exercise any of its powers under this Part in relation to—
(a) a class of PRA-authorised persons, or
(b) a particular PRA-authorised person.
(3) The second condition is that the PRA is of the opinion that the exercise of the power in the manner proposed may—
(a) threaten the stability of the UK financial system,
(b) result in the failure of a PRA-authorised person in a way that would have an adverse effect on the stability of the UK financial system,
(c) threaten the continuity of core services provided in the United Kingdom, or
(d) have an adverse effect on the ability of the PRA to comply with its duty under section 2B(1) of FSMA 2000 (the PRA's general objective).
(4) The third condition is that the PRA is of the opinion that the giving of the direction is necessary in order to avoid the possible consequence falling within subsection (3).
(5) A direction under this section is a direction requiring the Payment Systems Regulator not to exercise the power or not to exercise it in a specified manner.
(6) The direction may be expressed to have effect during a specified period or until revoked.
(7) The Payment Systems Regulator is not required to comply with a direction under this section if or to the extent that in the opinion of the Payment Systems Regulator compliance would be incompatible with any ... international obligation of the United Kingdom.
(8) The reference in subsection (3)(b) to the “failure” of a PRA-authorised person is to be read in accordance with section 2J(3) and (4) of FSMA 2000.
(9) In this section—
“core services” has the same meaning as in FSMA 2000 (see section 142C of that Act), and
“PRA-authorised person” has the same meaning as in FSMA 2000 (see section 2B(5) of that Act).
102A Recommendations by Treasury in connection with general duties
(1) The Treasury may at any time by notice in writing to the Payment Systems Regulator make recommendations to the Regulator about aspects of the economic policy of His Majesty’s Government to which the Regulator should have regard when considering—
(a) how to advance one or more of its payment systems objectives,
(b) the application of the regulatory principles in section 53, and
(c) its exercise of functions under—
(i) Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions,
(ii) the Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), or
(iii) the Payment Services Regulations 2017 (S.I. 2017/752).
(2) The Treasury must make recommendations under subsection (1) at least once in each Parliament.
(3) The Payment Systems Regulator must respond to each recommendation made to it under subsection (1) by notifying the Treasury in writing of—
(a) action that the Regulator has taken or intends to take in accordance with the recommendation, or
(b) the reasons why the Regulator has not acted or does not intend to act in accordance with the recommendation.
(4) The notice under subsection (3) must be given before the end of 12 months beginning with the date the notice containing the recommendation was given under subsection (1).
(5) Where the Payment Systems Regulator has given notice under subsection (3) in relation to a recommendation, the Regulator must by notice in writing update the Treasury on the matters mentioned in subsection (3)(a) and (b) before the end of each subsequent period of 12 months.
(6) Subsection (5) does not apply if the Treasury have notified the Payment Systems Regulator in writing that no update (or further update) is required.
(7) The Payment Systems Regulator is not required under subsection (3) or (5) to provide any information whose publication would in the opinion of the Regulator be against the public interest.
(8) The Treasury must—
(a) publish in such manner as they think fit any notice given under subsection (1), (3) or (5), and
(b) lay a copy of it before Parliament.
102B Matters to consider when imposing generally applicable requirements
(1) This section applies where the Payment Systems Regulator proposes to impose a generally applicable requirement (as defined by section 104(1)).
(2) The Regulator must have regard to any specified matters that are relevant to the imposition of the requirement in question.
(3) “Specified” means specified in regulations made by the Treasury for the purposes of this section.
(4) The specification of a matter for the purposes of this section may apply generally to the exercise of a function or be limited in whatever way the Treasury consider appropriate, including by reference to—
(a) the power under which the function is carried out;
(b) the persons to whom the carrying out of the function apply;
(c) the activities or subject-matter to which the function relates.
(5) The duty under subsection (2) is in addition to any other requirements to have regard to matters when exercising relevant functions imposed by another provision of this Act or by any other enactment.
(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).
(5A) A person who receives remuneration from the FCA, the PRA, the Payment Systems Regulator, the Bank of England or the Treasury is disqualified from being appointed as a member of a panel established under subsection (3).
(5B) Subsection (5A) does not apply in respect of a panel mentioned in that subsection if regulations made by the Treasury provide for it not to apply to that panel.
(5C) Regulations under subsection (5B) may make provision in respect of a panel—
(a) generally, or
(b) only in relation to such descriptions of persons or cases as the regulations may specify (but the power to make such regulations may not be exercised so as to specify persons by name).
(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.
104 Consultation in relation to generally applicable requirements
(1) In this Part references to imposing a generally applicable requirement are to—
(a) giving a general direction under section 54, or
(b) imposing a generally-imposed requirement under section 55,
and references to the requirement are to be read accordingly.
(2) Before imposing a generally applicable requirement, the Payment Systems Regulator must—
(a) consult the Bank of England, the FCA and the PRA, and
(b) after doing so, publish a draft of the proposed requirement in the way appearing to the Payment Systems Regulator to be best calculated to bring it to the attention of the public.
(3) The draft must be accompanied by—
(a) a cost benefit analysis,
(b) an explanation of the purpose of the proposed requirement,
(ba) an explanation of the ways in which having regard to specified matters under section 102B(2) has affected the proposed requirement,
(c) an explanation of the Payment Systems Regulator's reasons for believing that imposing the requirement is compatible with its duties under section 49, and
(d) notice that representations about the proposed requirement may be made to the Payment Systems Regulator within a specified time.
(4) Before imposing the proposed requirement the Payment Systems Regulator must have regard to any representations made to it in accordance with subsection (3)(d).
(5) If the Payment Systems Regulator proposes to impose the requirement, it must publish an account, in general terms, of—
(a) the representations made to it in accordance with subsection (3)(d), and
(b) its response to them.
(5A) The Payment Systems Regulator must include, in the account mentioned in subsection (5), a list of the respondents who made the representations, where those respondents have consented to the publication of their names.
(5B) The duty in subsection (5A) is not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but the duty is to be taken into account in determining whether particular processing of data would contravene that legislation).
(5C) In this section “data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act).
(5D) Where representations are made to the Payment Systems Regulator by a Committee of the House of Commons or the House of Lords or a Joint Committee of both Houses in accordance with subsection (3)(d), the Payment Systems Regulator’s account mentioned in subsection (5) must also describe how the Payment Systems Regulator has considered the representations made by that Committee in making the proposed requirement.
(6) If the requirement differs from the draft published under subsection (2)(b) in a way which is, in the opinion of the Payment Systems Regulator, significant the Payment Systems Regulator must (in addition to complying with subsection (5)) publish details of the difference together with a cost benefit analysis.
(7) For the purposes of this section a “cost benefit analysis” is—
(a) an analysis of the costs together with an analysis of the benefits that will arise—
(i) if the proposed requirement is imposed, or
(ii) if subsection (6) applies, from the requirement imposed, and
(b) subject to subsection (8), an estimate of those costs and of those benefits.
(8) If, in the opinion of the Payment Systems Regulator—
(a) the costs or benefits referred to in subsection (7) cannot reasonably be estimated, or
(b) it is not reasonably practicable to produce an estimate,
the cost benefit analysis need not estimate them, but must include a statement of the Payment Systems Regulator's opinion and an explanation of it.
(9) The Payment Systems Regulator may charge a reasonable fee for providing a person with a copy of a draft published under subsection (2)(b).
(10) Subsections (2)(b) and (3) to (6) do not apply if the Payment Systems Regulator considers that the delay involved in complying with them would be prejudicial to the interests of those who use, or are likely to use, services provided by regulated payment systems.
(11) Subsections (3)(a) and (6) do not apply if the Payment Systems Regulator considers that, making the appropriate comparison—
(a) there will be no increase in costs, or
(b) there will be an increase in costs but the increase will be of minimal significance.
(12) In subsection (11) the “appropriate comparison” means—
(a) in relation to subsection (3)(a), a comparison between the overall position if the requirement is imposed and the overall position if it is not imposed;
(b) in relation to subsection (6), a comparison between the overall position after the imposing of the requirement and the overall position before it was imposed.
(12A) The duty to provide the explanation referred to in subsection (3)(ba) does not apply in relation to any proposed requirement which changes an existing requirement and the changes consist of, or include, changes which, in the Payment Systems Regulator’s opinion, are not material.
(12B) Where an explanation is not provided by virtue of subsection (12A), the draft of the proposed requirement must be accompanied by a statement of the Payment Systems Regulator’s opinion.
104A Requirements in connection with public consultations
(1) This section applies where the Payment Systems Regulator issues a public consultation.
(2) The Payment Systems Regulator must include information in the consultation about any engagement by the Payment Systems Regulator with the statutory panels of the Payment Systems Regulator, the FCA and the PRA in relation to the matters being consulted on.
(3) The Payment Systems Regulator is not required under subsection (2) to include any information whose publication would in the opinion of the Payment Systems Regulator be against the public interest.
(4) For the purposes of this section, the Payment Systems Regulator issues a public consultation if it publishes any proposals for the purpose of bringing them to the attention of the public (whether or not under a duty to do so imposed by an enactment).
(5) In this section a “statutory panel”—
(a) in relation to the Payment Systems Regulator, means a panel established under section 103(3),
(b) in relation to the FCA, has the meaning given by section 1RA(8) of FSMA 2000, and
(c) in relation to the PRA, has the meaning given by section 2NA(8) of FSMA 2000.
104C Statement of policy relating to review of requirements
(1) The Payment Systems Regulator must prepare and publish a statement of its policy with respect to its review of requirements under section 104B.
(2) The statement must provide information about—
(a) how representations (including by a relevant panel) can be made to the Regulator with respect to its review of requirements under section 104B, and
(b) the arrangements to ensure that those representations are considered.
(3) In this section “relevant panel” means—
(a) a panel of the Payment Systems Regulator established under section 103(3),
(b) a panel of the FCA mentioned in section 1RA(8) of FSMA 2000, and
(c) a panel of the PRA mentioned in section 2NA(8) of FSMA 2000.
(4) If a statement published under this section is altered or replaced by the Payment Systems Regulator, the Regulator must publish the altered or replaced statement.
(5) A statement prepared under this section must be published by the Payment Systems Regulator in the way appearing to the Regulator to be best designed to bring it to the attention of the public.
(1) The Treasury may by direction require the Payment Systems Regulator to carry out a review of any generally applicable requirement specified in the direction if—
(a) the requirement has been in force for at least 12 months,
(b) the Treasury consider that it is in the public interest that the requirement is reviewed, and
(c) it does not appear to the Treasury that—
(i) the regulator is carrying out, or proposes to carry out, a review of that requirement, or
(ii) if the regulator proposes to carry out a review, the proposals are appropriate for the purposes of carrying out an effective review.
(2) The Treasury must consult the Payment Systems Regulator before giving a direction under subsection (1).
(3) In exercising the power under this section, the Treasury must have regard to the desirability of minimising any adverse effect that the carrying out of the review may have on the exercise by the Payment Systems Regulator of any of its other functions.
(4) A direction under subsection (1) may—
(a) specify the period within which a review must be carried out;
(b) determine the scope and conduct of a review;
(c) require the provision of interim reports during the carrying out of a review.
(5) Provision made in a direction under subsection (4)(b) may include a requirement—
(a) for a review to be carried out by a person appointed by the Payment Systems Regulator who is independent of the Regulator;
(b) for any such appointment to be made only with the approval of the Treasury.
(6) As soon as practicable after giving the direction the Treasury must—
(a) lay before Parliament a copy of the direction, and
(b) publish the direction in such manner as the Treasury think fit.
(7) Subsection (6) does not apply where the Treasury consider that publication of the direction would be against the public interest.
(8) A direction under this section may be varied or revoked by the giving of a further direction.
(1) This section applies where the Treasury have given a direction to the Payment Systems Regulator under section 104D(1) to carry out a review.
(2) The Payment Systems Regulator must provide a written report to the Treasury as to the opinion of the Regulator in relation to the following matters—
(a) whether the requirements under review advance one or more of the payment systems objectives;
(b) whether and to what extent the requirements are functioning effectively and achieving their intended purpose;
(c) whether any amendments need to be made to the requirements and, if so, what those amendments should be;
(d) whether any requirements should be withdrawn (with or without replacement);
(e) whether any other action should be taken and, if so, what that action should be.
(3) As soon as practicable after receiving the report the Treasury must—
(a) lay before Parliament a copy of the report, and
(b) publish the report in such manner as the Treasury think fit.
(4) When complying with subsection (3) the Treasury may withhold material from the report if the Treasury consider that publication of the material would be against the public interest.
104F Power of Treasury to require the imposition of generally applicable requirements
(1) The Treasury may by regulations require the Payment Systems Regulator to exercise a power under this Part to impose a generally applicable requirement in relation to a specified activity or a specified description of person.
(2) Regulations under this section may—
(a) specify matters that the requirement must cover;
(b) specify a period within which the requirement must be made.
(3) But except so far as permitted by subsection (2), regulations under this section may not require the requirement to be imposed—
(a) in a specified form or with specified content, or
(b) to achieve or advance a specified outcome.
(4) If no period is specified under subsection (2)(b) the requirement must be imposed as soon as reasonably practicable after the coming into force of the regulations.
104G Consultation with the FCA Cost Benefit Analysis Panel
(1) Except as provided by subsection (2), the Payment Systems Regulator must consult the FCA Cost Benefit Analysis Panel, and that Panel must provide advice, about the following matters—
(a) the preparation of a cost benefit analysis under section 104(3)(a) or (6);
(b) the preparation of its statement of policy under section 104H.
(2) The requirement to consult under subsection (1)(a) does not apply in such cases as may be set out in the statement of policy maintained under section 104H.
(3) The FCA Cost Benefit Analysis Panel must—
(a) keep under review how the Payment Systems Regulator is performing generally in carrying out its duties under section 104(3)(a) and (6), and
(b) provide to the Payment Systems Regulator whatever recommendations the Panel thinks appropriate as a result of such review.
(4) The Payment Systems Regulator must consider representations that are made to it by the FCA Cost Benefit Analysis Panel.
(5) The Payment Systems Regulator must from time to time publish in such manner as it thinks fit responses to the representations.
(6) In this section references to the “FCA Cost Benefit Analysis Panel” are to the panel established under section 138IA of FSMA 2000.
104H Statement of policy in relation to cost benefit analyses
(1) The Payment Systems Regulator must prepare and publish a statement of policy in relation to the preparation of cost benefit analyses for the purposes of section 104.
(2) The statement must provide information about—
(a) the methodology adopted in preparing cost benefit analyses;
(b) matters to which the Payment Systems Regulator has regard in determining whether section 104(8) applies;
(c) matters to which the Payment Systems Regulator has regard in determining whether section 104(10) or (11) applies in relation to the preparation of a cost benefit analysis;
(d) arrangements to ensure that representations in connection with a cost benefit analysis that are made in accordance with section 104(3)(d) are considered;
(e) cases in which the requirement to consult the FCA Cost Benefit Analysis Panel in relation to the preparation of a cost benefit analysis does not apply.
(3) The statement may include whatever other information in relation to cost benefit analyses that the Payment Systems Regulator considers appropriate.
(4) The Payment Systems Regulator may alter or replace a statement published under this section.
(5) The Payment Systems Regulator must publish a statement as altered or replaced under subsection (4).
(6) Publication under this section is to be made in such manner as the Payment Systems Regulator considers best designed to bring the statement to the attention of the public.
(1) The Payment Systems Regulator must prepare and publish a statement of policy in relation to the appointment of members to any panel established under section 103(3).
(2) The statement must provide information about—
(a) the process adopted for making appointments;
(b) matters considered in determining who is appointed.
(3) The statement may provide whatever other information in relation to the making of appointments that the Payment Systems Regulator considers appropriate.
(4) The Payment Systems Regulator may alter or replace a statement published under this section.
(5) The Payment Systems Regulator must publish a statement as altered or replaced under subsection (4).
(6) Before publishing a statement under this section the Payment Systems Regulator must—
(a) consult the Treasury about the proposed statement, and
(b) have regard to any representations the Treasury make in response to the consultation.
(7) Publication under this section is to be made in such manner as the Payment Systems Regulator considers best designed to bring the statement to the attention of the public.