PART 5A

Wholesale cash distribution

Regulation

Role of the FCA, PRA and Payment Systems Regulator
206N
1
In exercising powers under this Part, the Bank of England must have regard to any action that the FCA, PRA or Payment Systems Regulator has taken or could take.
2
The Bank of England must—
a
consult the FCA before taking action under this Part in respect of a person who is, or has applied to be, an FCA-regulated person;
b
consult the PRA before taking action under this Part in respect of a person who has, or has applied for, Part 4A permission for the carrying on of a PRA-regulated activity;
c
consult the Payment Systems Regulator before taking action under this Part in respect of a participant in a regulated payment system.
3
In subsection
(2)(c)
, “
participant
” and “
regulated payment system
” have the same meanings as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 110 of that Act).
4
If the FCA, PRA or Payment Systems Regulator gives the Bank of England notice that it is considering taking action in respect of a person mentioned in subsection
(2)
, the Bank may not take action under this Part in respect of the person unless—
a
the FCA, PRA or Payment Systems Regulator (as the case may be) consents, or
b
the notice is withdrawn.
Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1