Clause 169
Banking Bill
11:15 am
David Gauke (Shadow Minister, Treasury; South West Hertfordshire, Conservative)
My intervention on this clause will be even more brief and concerns the terminology used of the operator and manager of a system. Before I entered this place, I was a solicitor specialising in regulatory matters. Unfortunately, I did not specialise in this area but in collective investment schemes. Over the years I worked in that field, I was never entirely comfortable that I understood the difference between operating and managing a collective investment scheme. The clause uses the terminology of operating and managing a payment system. Perhaps the Minister will enlighten the Committee on the difference between the two. As far as I can see, both are swept up under the definition of “operator” for these purposes.