Schedule 7: Accountability of the Payment Systems Regulator Paragraphs 5 to 7: Corresponding provisions
Paragraphs 5 and 6 insert into FSBRA 2013 corresponding provision for the PSR as section 31 of this Act. Specifically, paragraph 5 inserts section 102B (Matters to consider when imposing generally applicable requirements) before section 103 (regulator’s general duty to consult). Paragraph 6(a) substitutes "Part" for "section" in 104(1), in the words before paragraph (a). Paragraph 6(b) inserts paragraph (ba) "an explanation of the ways in which having regard to specified matters under section 102B(2) has affected the proposed requirement" after 104(3)(b). Paragraph 6(c) inserts new subsections (12A) and (12B) after subsection (12). New subsection (12A) removes the requirement to provide the explanation referred to in subsection (3)(ba) in relation to any requirement if the requirement changes an existing requirement and the changes consist of, or include changes which, in the Payment Systems Regulator (PSR’s) opinion, are not material. New subsection (12B) provides that where an explanation is not provided by virtue of subsection (12A), the draft of the requirement must be accompanied by a statement of the PSR’s opinion.
	Paragraph 7 inserts into FSBRA 2013 corresponding provision for the PSR as sections 36, 29, 30, 43, 44 and 45. Adjustments are made to reflect that the PSR operates by imposing generally applicable requirements, such as general directions, and is not a rule-making authority. Adjustments are also made to reflect that the PSR is required to consult the FCA Cost Benefit Analysis Panel, rather than establish its own. References to the Financial Policy Committee ("FPC") are omitted as the FPC has no power of direction in relation to the PSR.