Banking Act 2009 (c. 1)

Part 5U.K.F1... Payment Systems [F2and service providers]

Textual Amendments

F1Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2

F2Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2

RegulationU.K.

[F3191DirectionsU.K.

(1)The Bank of England may give directions in writing to—

[F4(a)] the operator of a recognised F5... [F6payment] system,

[F7(b)to a recognised DSA service provider,] or

[F8(c)][F9 a service provider in relation to such a system [F10or to such DSA service providers].]

(2)A direction may—

(a)require or prohibit the taking of specified action in the operation of the system [F11or the provision of services F12...];

(b)set standards to be met in the operation of the system [F13or the provision of services F14...].

(3)If a direction is given for the purpose of resolving or reducing a threat to the stability of the UK financial system, the operator [F15, DSA service provider] [F16or service provider] (including [F17the operator’s [F18, DSA service provider’s] or service provider’s] officers and staff) has immunity from liability in damages in respect of action or inaction in accordance with the direction.

(4)A direction given for the purpose mentioned in subsection (3) must—

(a)include a statement that it is given for that purpose, and

(b)inform the operator [F19, DSA service provider] [F20or service provider] of the effect of that subsection.

(5)The Treasury may by order confer immunity on any person from liability in damages in respect of action or inaction in accordance with a direction (including a direction given for the purpose mentioned in subsection (3)).

(6)An order—

(a)is to be made by statutory instrument, and

(b)is subject to annulment in pursuance of a resolution of either House of Parliament.

(7)An immunity conferred by or under this section does not extend to action or inaction—

(a)in bad faith, or

(b)in contravention of section 6(1) of the Human Rights Act 1998.]

Textual Amendments

F3S. 191 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4Words in s. 191(1) renumbered as s. 191(1)(a) (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 19(2)(a)

F5Word in s. 191(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 13

F6Word in s. 191(1) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 8; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

F7S. 191(1)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 19(2)(b)