PART 5

Regulation of payment systems

Consultation, accountability and oversight

Independent inquiries
105
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);
.
S. 105 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1