Schedule 9: Wholesale cash distribution Part 1 – New Part 5A of the Banking Act 2009 Regulation Section 206N: Role of the FCA, the PRA and the Payment Systems Regulator
This section sets out the role of the FCA, the PRA and the Payment Systems Regulator. Under subsection (1), the Bank of England is required to have regard to any action which the FCA, the PRA or the Payment Systems Regulator has already taken or could take when exercising its powers.
	Under subsection (2), as part of the requirement at subsection (1), the Bank of England is required to consult FCA before taking action in respect of a person who is regulated or has applied to be regulated. There is also a requirement to consult the PRA where it is in respect to a person who has applied for Part 4A Permission to carry out PRA regulated activity. Where the Payment Systems Regulator is involved, there is also a requirement for the Bank of England to consult the regulator before taking action in respect to a participant in a regulated payment system.
	Subsection (3) provides the source for definition for "participant" and "regulated payment system" for the purposes of subsection (2)(c) ascribing to them the same meaning as that contained at section 110 of the Financial Services (Banking Reform) Act 2013.
	Subsection (4) stops the Bank of England from taking action in respect to a person described under subsection (2) if the FCA, the PRA or the Payment Systems Regulator has given notice to the Bank of England that they are considering taking action. The exception to this requirement not to take action is whereby the FCA, the PRA or the Payments Systems Regulator have consented or withdrawn the notice.