http://www.legislation.gov.uk/ukpga/2009/1/section/192ABanking 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 5192A1Where the first, second and third conditions are met, the Bank of England may give a direction under this section to the FCA.2The first condition is that the FCA is proposing to exercise any of its powers in relation to—aa recognised payment system that includes arrangements using digital settlement assets, orba recognised DSA service provider.3The second condition is that the Bank of England is of the opinion that the exercise of the power in the manner proposed may—athreaten the stability of the UK financial system,bhave serious consequences for business or other interests in the United Kingdom (including for the payment system or provider in relation to which the powers are proposed to be exercised), orchave an adverse effect on the Bank’s ability to act in its capacity as a monetary authority.4The third condition is that the Bank of England is of the opinion that the giving of the direction is necessary in order to avoid an outcome mentioned in subsection (3).5A direction under this section is a direction requiring the FCA not to exercise the power or not to exercise it in a specified manner.6The direction may be expressed to have effect during a specified period or until revoked.7The FCA is not required to comply with a direction under this section if or to the extent that in the opinion of the FCA compliance would be incompatible with any international obligation of the United Kingdom.Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2S. 192A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 20Words 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