The Financial Services (Banking Reform) Act 2013 (Commencement No 5) Order 2014 and accompanying explanatory note have been published on the legislation.gov.uk website.
The Order brings into force, on 1 November 2014, the following provisions of the Financial Services (Banking Reform) Act 2013 (the Act):
- section 61 (the Payment Services Regulator’s (PSR) functions under the Competition Act 1998);
- section 67(2) (the PSR’s competition powers); and
- section 129 (the FCA’s functions under competition legislation).
The Order also brings into force, on 1 April 2015, the remaining provisions in the Act relating to the granting of competition functions on the PSR and FCA. These are contained in sections 60, 61, 67, 129 and Schedule 8 to the Act.
The Order was made on 12 September 2014 and comes into force 1 April 2015.
View The Financial Services (Banking Reform) Act 2013 (Commencement No. 6) Order 2014, 12 September 2014