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Financial Services (Banking Reform) Act 2013

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49Regulator’s general duties in relation to payment systems

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(1)In discharging its general functions relating to payment systems the Payment Systems Regulator must, so far as is reasonably possible, act in a way which advances one or more of its payment systems objectives.

(2)The payment systems objectives of the Payment Systems Regulator are—

(a)the competition objective (see section 50),

(b)the innovation objective (see section 51), and

(c)the service-user objective (see section 52).

(3)In discharging its general functions relating to payment systems the Payment Systems Regulator must have regard to—

(a)the importance of maintaining the stability of, and confidence in, the UK financial system,

(b)the importance of payment systems in relation to the performance of functions by the Bank of England in its capacity as a monetary authority, and

(c)the regulatory principles in section 53.

(4)The general functions of the Payment Systems Regulator relating to payment systems are—

(a)its function of giving general directions under section 54 (considered as a whole),

(b)its functions in relation to the giving of general guidance under section 96 (considered as a whole), and

(c)its function of determining the general policy and principles by reference to which it performs particular functions.

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