Section 47

The Treasury may revoke a designation order. The Treasury must revoke a designation order if they are not satisfied that the criteria in section 44 are met in respect of the payment system to which the order relates. Before revoking a designation order made in respect of a payment system, the Treasury must— consult the Payment Systems Regulator and, if the payment system is a recognised ... payment system, the Bank of England, notify the operator of the payment system, and consider any representations made. The Treasury must consider any request by the operator of a regulated payment system for the revocation of its designation order.

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