SCHEDULES
SCHEDULE 9Bank of England oversight of payment systems
PART 2Consequential 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”.