Section 184

The Treasury may by order (“recognition order”) specify a payment system as a recognised system for the purposes of this Part. A recognition order must specify in as much detail as is reasonably practicable the arrangements which constitute the ... payment system. The Treasury may not specify a payment system operated solely by the Bank of England. See section 206A for the power to specify in a recognition order a person as a person who provides services that form part of the arrangements constituting or connected with the recognised system.

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