PART 5

Regulation of payment systems

The Payment Systems Regulator

The Payment Systems Regulator
40
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.
S. 40 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
S. 40(3)(4) applied (with modifications) (9.12.2015) by The Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), regs. 1, 15(1)
S. 40(3)(4) applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), regs. 1(6), 136(1) (with reg. 3)