Textual Amendments
F1Pt. 8B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 1
(1)The Treasury may designate a person for the purposes of this Part if the person is—
(a)a relevant current account provider, or
(b)an operator of cash access coordination arrangements, and at least one of the participants in the arrangements is a relevant current account provider designated under this section.
(2)A person is designated by giving the person (the “designated person”) a notice in accordance with this Part (a “designation notice”).
(3)A designation notice must specify whether the person is designated in relation to—
(a)the United Kingdom,
(b)Great Britain only, or
(c)Northern Ireland only.
(4)A designation notice given to the operator of cash access coordination arrangements must specify the arrangements in as much detail as is reasonably practicable.
(5)Before giving a designation notice to a person the Treasury must—
(a)consult the FCA,
(b)notify the person, and
(c)consider any representations made.
(6)A designated person must—
(a)comply with rules made by the FCA under section 131V;
(b)comply with directions given by the FCA to the designated person under section 131W.]