The Financial Services (Banking Reform) Act 2013 (Commencement No 4) Order 2014 (the Order) has been published.
The Order brings into force certain provisions of the Financial Services (Banking Reform) Act 2013 (the Act) relating to the competition functions given to the new Payment Systems Regulator (PSR) concurrently with the Competition and Markets Authority (CMA).
The Order provides that on 1 April 2014, the following provisions of the Act come into force:
- section 59 – the PSR’s functions under Part 4 of the Enterprise Act 2002;
- section 60(1),(2),(3) and (7) – restrictions on the exercise of functions under Part 4 of the Enterprise Act 2002;
- section 63 – provision of information and assistance to a CMA group;
- section 64 – function of keeping markets under review;
- section 65 – exclusion of general duties;
- section 66 – concurrent competition powers: supplementary provision; and
- section 67(3), (4) and (5) – amendments relating to the PSR’s competition powers.
View The Financial Services (Banking Reform) Act 2013 and (Commencement No. 4) Order 2014, 25 March 2014
