Financial Services and Markets Bill – in a Public Bill Committee at 11:30 am on 3 November 2022.
“(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).’”—
This amendment provides for the Chair of the Payment Systems Regulator to be a member of the FCA’s Board.
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