Clause 178
Banking Bill
12:45 pm
Ian Pearson (Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform; Dudley South, Labour)
The Bill is clear—the Bank of England is responsible for the oversight of inter-bank payment systems. If it becomes necessary to take enforcement action, the Bank of England and the FSA will want to agree on which one of them is best placed to do so. It is important to recognise that we are setting out in different parts of the Bill the clear responsibilities of the tripartite authorities. It is right that the Treasury leads on, and has responsibility for, recognition, and that the Bank of England has lead responsibility on inter-bank payment systems.