The Financial Services (Banking Reform) Act 2013 (Designated Representative Bodies) Order 2016 has been published on the legislation.gov.uk website together with an explanatory memorandum.

The main purpose of the Financial Services (Banking Reform) Act 2013 (Designated Representative Bodies) Order 2016 is to give five bodies the status of designated ‘super-complainants’ for the Payment Systems Regulator (PSR) under section 68 of the Financial Services (Banking Reform) Act 2013.

This means that if and when any of these bodies makes a complaint to the PSR that a feature, or a combination of features, of a market in the UK for services provided by payment systems is, or is likely to be, significantly damaging to the interests of service users, the PSR is required to publish a response to the complaint. This will help ensure that instances of market failure or misconduct in the payment system sector are brought to the attention of the PSR and investigated.

The Order will come into force on 1 April 2016.

View Financial Services (Banking Reform) Act 2013 (Designated Representative Bodies) Order 2016, 23 February 2016