Section 17 enables the Treasury to make regulations amending section 98 of the Financial Services (Banking Reform) Act 2013. Regulations may amend the definition of "relevant functions" to add or remove a function conferred on the FCA by regulations under Part 1 or amend the definition of "objectives" to add or remove an objective of the FCA relevant to such a function. This is intended to ensure that the FCA’s functions under Part 1 regulations can be brought within scope of existing arrangements for co-ordination between the regulators of payment systems under Part 5 of the 2013 Act.
Part 1: Access to Customer Data and Business Data Financial Services Sector Section 17: The FCA and co-ordination with other regulators