11.01 Since the first edition of this book, Pt 5 of the Banking Act 2009 has come into force,1 which provides a new statutory basis for the regulation or oversight of UK payment systems. The UK’s position prior to the Banking Act was slightly unusual in that the responsibilities and powers of a large number of other central banks and institutions were already defined by statute. Prior to the Banking Act, the Bank of England, HM Treasury, and the Financial Services Authority (FSA) regulated payment systems pursuant to a tripartite memorandum of understanding...
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