Search Legislation

Financial Services Act 2012

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Section 104

 Help about opening options

Alternative versions:

Changes to legislation:

Financial Services Act 2012, Section 104 is up to date with all changes known to be in force on or before 19 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

104Inter-bank payment systemsU.K.

This section has no associated Explanatory Notes

(1)Part 5 of the Banking Act 2009 (inter-bank payment systems) is amended as follows.

(2)After section 186 insert—

186AAmendment of recognition order

(1)The Treasury may amend a recognition order.

(2)Before amending a recognition order the Treasury must—

(a)consult the Bank of England,

(b)notify the operator of the recognised inter-bank payment system, and

(c)consider any representations made.

(3)In addition, the Treasury—

(a)must consult the FCA before amending a recognition order in respect of a payment system the operator of which—

(i)is, or has applied to become, a recognised investment exchange, or

(ii)has, or has applied for, a Part 4A permission, and

(b)if the operator has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.

(4)The Treasury must consider any request by the operator of a recognised inter-bank payment system for the amendment of its recognition order.

(3)For section 191 substitute—

191Directions

(1)The Bank of England may give directions in writing to the operator of a recognised inter-bank system.

(2)A direction may—

(a)require or prohibit the taking of specified action in the operation of the system;

(b)set standards to be met in the operation of the system.

(3)If a direction is given for the purpose of resolving or reducing a threat to the stability of the UK financial system, the operator (including its officers and staff) has immunity from liability in damages in respect of action or inaction in accordance with the direction.

(4)A direction given for the purpose mentioned in subsection (3) must—

(a)include a statement that it is given for that purpose, and

(b)inform the operator of the effect of that subsection.

(5)The Treasury may by order confer immunity on any person from liability in damages in respect of action or inaction in accordance with a direction (including a direction given for the purpose mentioned in subsection (3)).

(6)An order—

(a)is to be made by statutory instrument, and

(b)is subject to annulment in pursuance of a resolution of either House of Parliament.

(7)An immunity conferred by or under this section does not extend to action or inaction—

(a)in bad faith, or

(b)in contravention of section 6(1) of the Human Rights Act 1998.

(4)In section 186 (procedure)—

(a)for subsection (2) substitute—

(2)In addition, the Treasury—

(a)must consult the FCA before making a recognition order in respect of a payment system the operator of which—

(i)is, or has applied to become, a recognised investment exchange, or

(ii)has, or has applied for, a Part 4A permission, and

(b)if the operator has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA., and

(b)in subsection (3), for “or the FSA” substitute “ , the FCA or the PRA ”.

(5)In section 187 (de-recognition), for subsection (4) substitute—

(4)In addition, the Treasury—

(a)must consult the FCA before revoking a recognition order in respect of a payment system the operator of which—

(i)is, or has applied to become, a recognised investment exchange, or

(ii)has, or has applied for, a Part 4A permission, and

(b)if the operator has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.

(6)In section 192 (role of FSA)—

(a)in subsection (1), for “the FSA” substitute “ the FCA or the PRA ”,

(b)for subsection (2) substitute—

(2)The Bank of England—

(a)must consult the FCA before taking action under this Part in respect of a recognised inter-bank payment system the operator of which satisfies section 186(2)(a), and

(b)must consult the PRA before taking action under this Part in respect of a recognised inter-bank payment system the operator of which satisfies section 186(2)(b).,

(c)in subsection (3)—

(i)for “the FSA”, in the first place, substitute “ the FCA or the PRA ”,

(ii)for “the FSA”, in the second place, substitute “ it ”,

(iii)for “section 186(2)” substitute “ section 186(2)(a) or (b) ”, and

(iv)in paragraph (a), for “the FSA” substitute “ the FCA or (as the case may be) the PRA ”, and

(d)in the heading, for “FSA” substitute “ FCA and PRA ”.

(7)After section 202 insert—

202AInjunctions

(1)If, on the application of the Bank of England, the court is satisfied—

(a)that there is a reasonable likelihood that there will be a compliance failure, or

(b)that there has been a compliance failure and there is a reasonable likelihood that it will continue or be repeated,

the court may make an order restraining the conduct constituting the failure.

(2)If, on the application of the Bank of England, the court is satisfied—

(a)that there has been a compliance failure by the operator of a recognised inter-bank payment system, and

(b)that there are steps which could be taken for remedying the failure,

the court may make an order requiring the operator, and anyone else who appears to have been knowingly concerned in the failure, to take such steps as the court may direct to remedy it.

(3)If, on the application of the Bank of England, the court is satisfied—

(a)that there may have been a compliance failure by the operator of a recognised inter-bank payment system, or

(b)that a person may have been knowingly concerned in a compliance failure,

the court may make an order restraining the operator or person from dealing with any assets which it is satisfied the operator or person is reasonably likely to deal with.

(4)The jurisdiction conferred by this section is exercisable—

(a)in England and Wales and Northern Ireland, by the High Court, and

(b)in Scotland, by the Court of Session.

(5)In this section—

(a)references to an order restraining anything are, in Scotland, to be read as references to an interdict prohibiting that thing,

(b)references to remedying a failure include mitigating its effect, and

(c)references to dealing with assets include disposing of them.

(8)After section 203 insert—

203ARecords

(1)The Bank of England must maintain satisfactory arrangements for—

(a)recording decisions made in the exercise of its functions under this Part, and

(b)the safe-keeping of those records which it considers ought to be preserved.

(2)The duty in subsection (1) does not apply to a decision to issue a notice under section 204(1).

203BAnnual report

(1)At least once a year the Bank of England must make a report to the Treasury on—

(a)the discharge of its functions under this Part,

(b)the extent to which, in its opinion, in discharging those functions its financial stability objective has been met, and

(c)such other matters as the Treasury may from time to time direct.

(2)Subsection (1) does not require the inclusion in the report of any information whose publication would in the opinion of the Bank of England be against the public interest.

(3)The Treasury must lay before Parliament a copy of each report received by them under this section.

(9)In section 204 (information)—

(a)after subsection (1), insert—

(1A)The Bank of England may by notice in writing require the operator of a recognised inter-bank payment system to provide information which the Bank requires in connection with the exercise of its functions (whether under this Part or otherwise) in pursuance of its financial stability objective.,

(b)in subsections (2) and (3), after “notice” insert “ under subsection (1) or (1A) ”,

(c)in subsection (4), for paragraph (b) substitute—

(b)the FCA;

(ba)the PRA;, and

(d)in paragraph (c) of that subsection, for “or the FSA” substitute “ , the FCA or the PRA ”.

(10)In section 206A (services forming part of recognised inter-bank payment systems)—

(a)in subsection (4)(a), for “and the FSA” substitute “ , the FCA and the PRA ”, and

(b)in subsection (6), for paragraph (b) (and the “and” at the end of it) substitute—

(b)the FCA,

(ba)the PRA, and.

Commencement Information

I1S. 104 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources