http://www.legislation.gov.uk/ukpga/2009/1/section/186Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2026-02-20Expert Participation2026-01-19
Banking Act 2009s. 4(8A) (8B)Financial Services Act 2012s. 96(3)Sch. 20s. 122(3)Banking Act 2009s. 8(2)(d) and wordFinancial Services Act 2012s. 96(4)(b)Sch. 20s. 122(3)
Part 5<CommentaryRef Ref="key-2e568712c058f911951f9ff34916ca00"/>... Payment Systems <Addition ChangeId="key-2d9cb448bdf53caaf9b18cda25f491ec-1695384634469" CommentaryRef="key-2d9cb448bdf53caaf9b18cda25f491ec">and service providers</Addition> <Emphasis>Recognised systems <Addition ChangeId="key-3cdf5928837d7588fa9811b4f155fdaa-1695397192423" CommentaryRef="key-3cdf5928837d7588fa9811b4f155fdaa">and service providers</Addition> </Emphasis>Procedure1861Before making a recognition order in respect of a payment system or a DSA service provider the Treasury must—aconsult the Bank of England and the Payment Systems Regulator,aain the case of a recognition order in respect of a DSA service provider, consult the FCA,bnotify the operator of the system or the DSA service provider (as appropriate), andcconsider any representations made.(See section 206A(4) for the procedure to be followed before specifying a person under section 206A(2)(b) (service providers in relation to recognised payment systems) in a recognition order.) 2In addition, the Treasury—amust consult the FCA before making a recognition order in respect of a payment system or a DSA service provider, where the operator of the system or the provider —iis, or has applied to become, a recognised investment exchange, oriihas, or has applied for, a Part 4A permission, andbif the operator or provider has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.3In considering whether to make a recognition order in respect of a payment system or a DSA service provider the Treasury may rely on information provided by the Bank of England, the FCA or the PRA.S. 186 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3S. 186(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(4)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.Words in s. 186(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(4)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2Words in s. 186(1)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(5)(a)Words in s. 186(1) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(5)(b)Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2Words in s. 184 cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 6Words in s. 186(3) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(7)Words in s. 186(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(2)S. 186(1)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(3)Words in s. 186(1)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(4)Words in s. 186(2)(a) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(5)Words in s. 186(2)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(6)