Clause 176
Banking Bill
12:30 pm
David Gauke (Shadow Minister, Treasury; South West Hertfordshire, Conservative)
The wording of the clause is
“not to change the rules without the approval of the Bank.”
Will it be possible in any circumstances for such approval to be retrospective? In other words, there may be times when a payment system needs to change the rules quickly for tax or operational reasons. In such circumstances, the operator might have to go to the Bank and say, “We have done this; is it okay?” Is that permissible under the clause?