PART 8B

Cash access services

Designation

Designation
131R
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
.
Pt. 8B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 1