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Financial Services (Banking Reform) Act 2013

Section 40 and Schedule 4: The Payment Systems Regulator

230.Section 40 requires the FCA to establish the Payment Systems Regulator and to take such steps as are necessary to ensure that the Payment Systems Regulator can exercise its functions. Subsection (4) allows the FCA to provide staff and services to the Payment Systems Regulator. Schedule 4, amongst other things, includes provision for the constitution of, appointment to and removal from the board of the Payment Systems Regulator; provides for how it is to be funded; and provides for arrangements for the delegation of its functions, including to the FCA.

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