Digital Economy Act 2017

PART 2 Consequential amendments

Financial Services Act 2012

31 The Financial Services Act 2012 is amended as follows.

32 (1) Section 68 (cases in which Treasury may arrange independent enquiries) is amended as follows.

(2) In subsection (3), in paragraphs (a) and (b)(ii), omit “inter-bank”.

(3) In subsection (5), in the definition of “recognised inter-bank payment system”—

(a) omit the first “inter-bank”;

(b) for “an inter-bank” substitute “a”.

33 In section 85 (relevant functions in relation to complaints scheme), in subsection (3)(a) omit “inter-bank”.

34 In section 110 (payment to Treasury of penalties received by Bank of England), in subsection (5)(d) omit “inter-bank”.

Financial Services (Banking Reform) Act 2013

35 The Financial Services (Banking Reform) Act 2013 is amended as follows.

36 In section 45 (procedure), in subsection (1)(a) omit “inter-bank”.

37 In section 46 (amendment of designation order), in subsection (2)(a) omit “inter-bank”.

38 In section 47 (revocation of designation orders), in subsection (3)(a) omit “inter-bank”.

39 In section 98 (duty of regulators to ensure co-ordinated exercise of functions), in subsection (5)(b) omit “inter-bank”.

40 In section 110 (interpretation), in subsection (1), in the definition of “recognised inter-bank payment system”—

(a) omit the first “inter-bank”;

(b) for “an inter-bank” substitute “a”.

41 In section 112 (interpretation: infrastructure companies), in subsections (2)(a), (4)(b) and (5), omit “inter-bank”.

42 In section 113 (interpretation: other expressions), in subsection (1)—

(a) in the definition of “operator” omit “inter-bank”;

(b) in the definition of “recognised inter-bank payment system”—

(i) omit the first “inter-bank”;

(ii) for “an inter-bank” substitute “a”;

(c) in the definition of “the relevant system”, in paragraphs (a) and (c), omit “inter-bank”.

43 In section 115 (objective of FMI administration), in subsection (1) omit “inter-bank”.

44 In section 120 (power to direct FMI administrator), in subsection (8) omit “inter-bank”.

45 In section 127 (interpretation of Part 6), in subsection (1), in the definition of “operator” and in the definition of “recognised inter-bank payment system”, omit “inter-bank”.