Part 1 New Part 5A of the Banking Act 2009
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

SCHEDULE 9 Wholesale Cash Distribution

Section 55

Part 1 New Part 5A of the Banking Act 2009

1

After Part 5 of the Banking Act 2009 (payment systems) insert—

“Part 5A
Wholesale Cash Distribution
Introduction
206C Overview and purpose

(1)     This Part enables the Bank of England to oversee certain persons involved in wholesale cash distribution (as defined in section 206E).

(2)     The Bank must exercise its powers under this Part for the purpose of managing risks to the effectiveness, resilience and sustainability of wholesale cash distribution—

(a)     throughout the United Kingdom, or

(b)     throughout any part of the United Kingdom.

206D Policy statement

(1)     The Bank of England—

(a)     must prepare a statement of its policy with respect to the exercise of its powers under this Part,

(b)     must from time to time review the statement, and

(c)     may prepare a revised statement.

(2)     When preparing a statement under this section, the Bank must consult such persons as appear to the Bank to be representative of persons likely to be affected by the statement.

(3)     After preparing a statement under this section the Bank must—

(a)     provide the statement to the Treasury, and

(b)     publish the

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