Schedule 9: Wholesale cash distribution Part 1 – New Part 5A of the Banking Act 2009 Recognised persons Section 206I: Procedure
This section sets out the procedure for the making of a wholesale cash oversight order. In particular, HM Treasury must first consult the Bank, notify the person, and consider any representations made (see subsection (1)).
	Subsection (2) provides that HM Treasury must, in addition to the requirements in subsection (1), consult the FCA before making a wholesale cash oversight order in respect of a person who has, or has applied for, Part 4A permission. Where the person has, or has applied for, Part 4A permission for the carrying on of a PRA-regulated activity, HM Treasury must also consult the PRA. Where the person is a participant in a regulated payment system (as defined in subsection (3)), HM Treasury must also consult the Payment Systems Regulator. In carrying out the consultation in accordance with subsection (2) HM Treasury must consider any representations made before making the wholesale cash oversight order.
	Subsection (4) provides that in considering whether to make the wholesale cash oversight order, HM Treasury may rely on information provided by the Bank, the FCA, the Payment Systems Regulator or the PRA.