(1)The FCA must establish a body corporate to exercise the functions conferred on the body by or under this Part.
(2)The body established under subsection (1) is referred to in this Part as the Payment Systems Regulator.
(3)The FCA must take such steps as are necessary to ensure that the Payment Systems Regulator is, at all times, capable of exercising the functions referred to in subsection (1).
(4)In complying with the duty imposed by subsection (3) the FCA may, in particular—
(a)provide staff to the Payment Systems Regulator, and
(b)provide services to the Payment Systems Regulator which the FCA considers would facilitate the exercise of any of those functions.
(5)Schedule 4 (which contains further provision about the Payment Systems Regulator) has effect.