Section 131R

The Treasury may designate a person for the purposes of this Part if the person is— a relevant current account provider, or an operator of cash access coordination arrangements, and at least one of the participants in the arrangements is a relevant current account provider designated under this section. A person is designated by giving the person (the “designated person”) a notice in accordance with this Part (a “designation notice”). A designation notice must specify whether the person is designated in relation to— the United Kingdom, Great Britain only, or Northern Ireland only. A designation notice given to the operator of cash access coordination arrangements must specify the arrangements in as much detail as is reasonably practicable. Before giving a designation notice to a person the Treasury must— consult the FCA, notify the person, and consider any representations made. A designated person must— comply with rules made by the FCA under section 131V; comply with directions given by the FCA to the designated person under section 131W.

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Source: legislation.gov.uk · retrieved 2026-09-04