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Banking Act 2009
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195Independent report
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(1)The Bank of England may require the operator of a recognised inter-bank payment system to appoint an expert to report on the operation of the system.
(2)The Bank may impose a requirement only if it thinks—
(a)the operator is not taking sufficient account of principles published by the Bank under section 188,
(b)the operator is failing to comply with a code of practice under section 189, or
(c)the report is likely for any other reason to assist the Bank in the performance of its functions under this Part.
(3)The Bank may impose requirements about—
(a)the nature of the expert to be appointed;
(b)the content of the report;
(c)treatment of the report (including disclosure and publication);
(d)timing.
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