Commentary on Sections Regulation Section 192: Role of FSA
427.Subsection (1) specifies that the Bank of England, when exercising its powers under this Part, must have regard to any action that the FSA has taken or could take. Subsection (2) specifies that the Bank of England must consult with the FSA before taking action in respect of an embedded recognised inter-bank payment system. Subsection (3) specifies that if the FSA gives the Bank of England notice that it is considering taking action in respect of the operator of an embedded recognised inter-bank payment system (that is a system which is part of a recognised investment exchange or a recognised clearing house within the meaning of section 186(2)(a) and (b)), the Bank may not take action itself unless the notice is withdrawn or the FSA consents to the action.