Part 5

... Payment Systems and service providers

Enforcement

Independent report
195
1
The Bank of England may require
a
the operator of a recognised ... payment system to appoint an expert to report on the operation of the system ; ...
b
a service provider in relation to a recognised payment system to appoint an expert to report on the provision of services to the system.
c
a recognised DSA service provider to appoint an expert to report on the provision of services to payment systems (whether or not recognised), or
d
a service provider in relation to a recognised DSA service provider to appoint an expert to report on the provision of services to the DSA service provider.
2
The Bank may impose a requirement only if it thinks—
a
the operator , recognised DSA service provider or service provider is not taking sufficient account of principles published by the Bank under section 188,
b
the operator , recognised DSA service provider or service provider is failing to comply with a code of practice under section 189, or
c
the report is likely for any other reason to assist the Bank in the performance of its functions under this Part.
3
The Bank may impose requirements about—
a
the nature of the expert to be appointed;
b
the content of the report;
c
treatment of the report (including disclosure and publication);
d
timing.
S. 195 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2
Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2
Word in s. 195(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 17
S. 195(1)(b) and word inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(15)(a)(ii)
S. 195(1)(a): words in s. 195(1) renumbered as s. 195(1)(a) (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(15)(a)(i)
Words in s. 195(2)(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(15)(b)
Words in s. 195(2)(b) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(15)(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. 2
S. 195(1)(c)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 23(3)
Word in s. 195(1)(a) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 23(2)
Words in s. 195(2)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 23(4)
Words in s. 195(2)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 23(5)