Section 206I

Before making a wholesale cash oversight order in respect of a person the Treasury must— consult the Bank of England, notify the person, and consider any representations made. In addition, the Treasury must— consult the FCA before making a wholesale cash oversight order in respect of a person who is, or has applied to be, an FCA-regulated person; consult the PRA before making a wholesale cash oversight order in respect of a person who has, or has applied for, Part 4A permission for the carrying on of a PRA-regulated activity; consult the Payment Systems Regulator before making a wholesale cash oversight order in respect of a person who is a participant in a regulated payment system. In subsection (2)(c), “participant” and “regulated payment system” have the same meanings as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 110 of that Act). In considering whether to make the order, the Treasury may rely on information provided by— the Bank of England; the FCA; the PRA; the Payment Systems Regulator.

← 6 · All articles · 1 →

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