Banking Reform Act progress

Posted on
On 15 September 2014, the Financial Services (Banking Reform) Act 2013 (Commencement No 5) Order 2014 (SI 2014/2458) was published on legislation.gov.uk. The Order was made on 12 September 2014.

The Order brings into force, on 1 November 2014, the following provisions of the Financial Services (Banking Reform) Act 2013 (Banking Reform Act) relating to the competition functions given to the Payment Services Regulator (PSR) and the FCA concurrently with the Competition and Markets Authority (CMA):

  • section 61 (the PSR's functions under the Competition Act 1998);
  • section 67(2) (amendments relaying to the PSR's competition powers); and
  • section 129 (so far as it introduces provisions of Schedule 8 to the Banking Reform Act about functions of the FCA under competition legislation).

The Order also brings into force, on 1 April 2015, the remaining uncommenced provisions in the Banking Reform Act relating to the giving of competition functions on the PSR and FCA. These are contained in sections 60, 61, 67, 129 and Schedule 8 to the Banking Reform Act.