Financial Services (Bankig Reform) Bill 2013-13

CMA Publishes Finalized Versions of Regulated Payment System Appeals Rules and Guide


On August 18, 2017, the Competition and Markets Authority (“CMA“) published the final version of its rules of procedure (CMA65) which governs appeals made under section 79 of the Financial Services (Banking Reform) Act 2013 (“FSBRA“) in respect of certain decisions made by the Payment Systems Regulator (“PSR“) under the same Act.

The FSBRA states that, in relation to decisions made by the PSR that:

  • require the granting of access to a payment system; or
  • require the variation of certain agreements relating to payment systems; or
  • require a person who has an interest in the operator of a regulated payment system to dispose all or part of that interest;

these can be appealed to the CMA by any person who is affected by the decision.

This ground is broad, and so the CMA will only allow appeals where it is satisfied that the PSR’s decision was wrong on the basis that:

  • the PSR failed properly to have regard to, or give appropriate weight to, the matters the PSR must have in regard to carrying out its functions under Part 5 FSBRA; or
  • the decision was based, either wholly or partly, on an error of fact or;
  • the decision was wrong in law.

Under the rules of procedure, any person who wishes to make an application to appeal a decision must first send a notice, marked “Notice of Payment Systems Appeal,” directly to the CMA within the two months following the date the appellant was notified of the decision or the date of publication of the decision (whichever is earlier). The CMA also has discretion to extend the two month time period where it concludes that there were exceptional circumstances for any appeal beyond this time.

To see the full draft of the rules, please click here.

Banking Reform Bill Completes Committee Stage in House of Commons

On April 16, the Financial Services (Banking Reform) Bill 2012-13 completed its committee stage in the House of Commons.  A revised version of the Bill, as amended in the committee stage, has been published.

The main aim of the Bill is to give HM Treasury and the relevant regulators powers to implement the recommendations of the Independent Commission on Banking (ICB) on ring-fencing requirements for the banking sector.  The Bill is intended to make the banking sector safer, more resilient and more resolvable. The Bill will now pass to the report stage in the House of Commons.  Banking Reform Bill.