http://www.legislation.gov.uk/ukpga/2012/21/section/76A/2017-03-01Financial Services Act 2012An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.texttext/xmlenStatute Law Database2026-08-12Expert Participation2017-03-01 Financial Services Act 2012ActWater Act 2014s. 79(4)s. 94(3)Financial Services Act 2012ActWater Act 2014s. 81(10)s. 94(3) PART 576A1Subsection (3) applies where it appears to the Payment Systems Regulator that—aevents have occurred in relation to a regulated payment system which had or could have had a significant adverse effect on effective competition in the interests of—iparticipants in the payment system, oriithose who use, or are likely to use, the services provided by the payment system, andbthose events might not have occurred, or the adverse effect might have been reduced, but for a serious failure in—ithe system established by Part 5 of the Financial Services (Banking Reform) Act 2013 for the regulation of payment systems, oriithe operation of that system.2Subsection (3) also applies where the Treasury direct the Payment Systems Regulator that it appears to the Treasury that the conditions in subsection (1) are met in relation to specified events.3The Payment Systems Regulator must carry out an investigation into the events and the circumstances surrounding them and report to the Treasury on the result of the investigation.4Subsection (3) does not apply by virtue of subsection (1) if the Treasury direct the Payment Systems Regulator that it is not required to carry out an investigation into the events concerned.5In this section “participant”, in relation to a regulated payment system, has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 42 of that Act).S. 76A inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 106(2), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1