Section 186

Before making a recognition order in respect of a payment system or a DSA service provider the Treasury must— (See section 206A(4) for the procedure to be followed before specifying a person under section 206A(2)(b) (service providers in relation to recognised payment systems) in a recognition order.) consult the Bank of England and the Payment Systems Regulator, in the case of a recognition order in respect of a DSA service provider, consult the FCA, notify the operator of the system or the DSA service provider (as appropriate), and consider any representations made. In addition, the Treasury— must consult the FCA before making a recognition order in respect of a payment system or a DSA service provider, where the operator of the system or the provider — is, or has applied to become, a recognised investment exchange, or has, or has applied for, a Part 4A permission, and if the operator or provider has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA. In considering whether to make a recognition order in respect of a payment system or a DSA service provider the Treasury may rely on information provided by the Bank of England, the FCA or the PRA.

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