This consultation closed on 31 October 2019, and we have published our response.
We are consulting on changes to our Powers and Procedures Guidance (PPG), which explains our approach to using the powers we have under the Financial Services (Banking Reform) Act 2013 (FSBRA).
Why we are publishing this document
We published our PPG in March 2015, before we became operational. We’re updating the guidance now as the powers and functions we use have increased significantly since publication. The guidance is also being revised to reflect our experience of applying our powers over the last four years.
The revised version will replace the existing PPG. The changes we have made add to the content of, update and otherwise improve our PPG.
We’ve made these changes to make it easier for stakeholders to understand our approach to using our powers and how we function. The proposed updated PPG has more information about our procedures, and is clearer on several areas. It also recommends improvements to some of our procedures.
The changes to the PPG fall under three broad categories: additions, updates and improvements to the text.
What this document contains
This consultation includes changes to our Powers and Procedures Guidance (PPG), which explains our approach to using the powers we have under the Financial Services (Banking Reform) Act 2013 (FSBRA).
Our consultation also includes proposed changes to part of our guidance on how we monitor and enforce certain parts of the Interchange Fee Regulation 2015 (IFR). The changes to the IFR guidance mirror the changes in relevant parts of the PPG. We expect to consult on changes to some of our other guidance in due course, depending on the outcome of this first consultation.
Who should read this document
This consultation is likely to be of interest to regulated parties and other persons who may be subject to the use of our regulatory, enforcement and information and investigative powers and to individuals, firms and other organisations who have an interest in when and how we use them.
What happens next
We want to hear stakeholders’ views on the changes. To complement the consultation, we will engage directly with a wide range of stakeholders to ensure there is a full perspective on any issues the changes might lead to.
