Watchtower/Law library/Financial Services and Markets Act 2023/52 Chair of the Payment Systems...
As last captured

Financial Services and Markets Act 2023 · CHAPTER 3 Accountability of regulators

52 Chair of the Payment Systems Regulator as member of FCA Board

s. 52 · in force: yes

Captured statutory text (L5)

52 Chair of the Payment Systems Regulator as member of FCA Board

(1)FSMA 2000 is amended as follows.
(2)In section 417(1) (definitions), at the appropriate place insert— “the Payment Systems Regulator” means the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013; .
(3)Schedule 1ZA (FCA: constitution etc) is amended as follows.
(4)In paragraph 2—
(a)in sub-paragraph (2), after paragraph (c) insert—
(ca)the Chair of the Payment Systems Regulator,
;
(b)in sub-paragraph (3), after “(c)” insert “, (ca)”.
(5)In paragraph 3—
(a)in sub-paragraph (6) after “PRA” insert “or of the Payment Systems Regulator”;
(b)in sub-paragraph (7) for “the Bank’s Deputy Governor for prudential regulation” substitute “a person holding an office mentioned in paragraph 2(2)(c) or (ca)”.
(6)In paragraph 5(a) for “or (c)” substitute “, (c) or (ca)”.
(7)After paragraph 6 insert— (6A)
(1)The Chair of the Payment Systems Regulator must not take part in any discussion by or decision of the FCA which relates to—
(a)the exercise of the FCA’s functions in relation to a particular person, or
(b)a decision not to exercise those functions.
(2)Sub-paragraph (1) does not apply at any time when the person who is the Chair of the Payment Systems Regulator also holds the office mentioned in paragraph 2(2)(a).
Full captured verbatim text
(1) FSMA 2000 is amended as follows.

(2) In section 417(1) (definitions), at the appropriate place insert—

“the Payment Systems Regulator” means the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013;

.

(3) Schedule 1ZA (FCA: constitution etc) is amended as follows.

(4) In paragraph 2—

(a) in sub-paragraph (2), after paragraph (c) insert—

(ca) the Chair of the Payment Systems Regulator,

;

(b) in sub-paragraph (3), after “(c)” insert “, (ca)”.

(5) In paragraph 3—

(a) in sub-paragraph (6) after “PRA” insert “or of the Payment Systems Regulator”;

(b) in sub-paragraph (7) for “the Bank’s Deputy Governor for prudential regulation” substitute “a person holding an office mentioned in paragraph 2(2)(c) or (ca)”.

(6) In paragraph 5(a) for “or (c)” substitute “, (c) or (ca)”.

(7) After paragraph 6 insert—

(6A) (1) The Chair of the Payment Systems Regulator must not take part in any discussion by or decision of the FCA which relates to—

(a) the exercise of the FCA’s functions in relation to a particular person, or

(b) a decision not to exercise those functions.

(2) Sub-paragraph (1) does not apply at any time when the person who is the Chair of the Payment Systems Regulator also holds the office mentioned in paragraph 2(2)(a).

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 1/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

Chair of the Payment Systems Regulator joins FCA Board but is restricted from discussions or decisions regarding particular persons.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

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Referred to by

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Part summaries

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Verification findings (537)

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Instrument tier unavailable

Change history as published

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Pending effects amendments not yet applied to this text

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(b) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(c) · Effective date unknown

Sch. 1 Pt. 5 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(d)(i) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Show all 14

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(b) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(b) · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(d) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(b) Sch. Pt. 1 · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(d) Sch. Pt. 2 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument
uk:ukpga/2023/29
Part
CHAPTER 3 Accountability of regulators
Version
86372fb4e615f9918e757dfa…
Content hash
sha256 3d2738c755661a56aac64f24…
Source
legislation.gov.uk/ukpga/2023/29