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Financial Services and Markets Bill [HL]

Moved by

Lord Holmes of Richmond

47A: Schedule 2, page 72, line 11, at end insert—

“6A After section 1QA insert—

“1QB The Payment Systems Panel

(1) Arrangements under section 1M must include the establishment and maintenance of a panel of persons (to be known as “the Payments System Panel”) to represent the interests of—

(a) participants in regulated payment systems, and

(b) those who use, or are likely to use, services provided by regulated payment systems.

(2) The FCA must appoint one of the members of the Payments System Panel to be its chair.

(3) The Treasury’s approval is required for the appointment or dismissal of the chair.

(4) The FCA must appoint to the Payments System Panel such persons to represent interests and expertise relevant to the FCA’s payment systems objectives.””

Member’s explanatory statement

Schedule 2, paragraph 6 removes the Payment System Regulator from the FCA’s statutory panel composition provisions and does not replace it with any payments-specific representation. This amendment and another in the name of Lord Holmes of Richmond seek to provide such representation.