PART 5Regulation of payment systems

Consultation, accountability and oversight

105Independent inquiries

(1)

Section 68 of the Financial Services Act 2012 (cases in which Treasury may arrange independent inquiries) is amended as follows.

(2)

In subsection (1), for “two” substitute “ three ”.

(3)

After subsection (3) insert—

“(3A)

The third case is where it appears to the Treasury that—

(a)

events have occurred in relation to a regulated payment system which caused or risked causing significant damage to business or other interests throughout the United Kingdom, and

(b)

those events might not have occurred, or the threat or damage might have been reduced, but for a serious failure in—

(i)

the system established by Part 5 of the Financial Services (Banking Reform) Act 2013 for the regulation of payment systems, or

(ii)

the operation of that system.”

(4)

In section 83(1) (interpretation), after the definition of “regulated activity” insert—

““regulated payment system” has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 110 of that Act);”.