Key Facts

• Clauses 60 and 61 aim to replace the Bank of England’s cash ratio deposit scheme.
• The new levy will fund the Bank's financial stability and monetary policy activities.
• Secondary legislation will detail how institutions’ contributions will be determined.
• UK Finance estimates £1.3 billion has been stolen through fraud and scams.
• Santander UK suggests bringing crypto-exchanges under the scope of the Payment Systems Regulator's powers to mandate reimbursement for APP fraud.
• Barclays recommends amending clause 62 to expand reimbursement protections beyond faster payments scheme payments.
• Schedule 14 adds proposed new subsection (3ZZA) to section 1 of the Credit Unions Act 1979.
• Services included are hire purchase agreements, conditional sale agreements, and insurance distribution services.
• The cap on interest charged is set at 3% per month for hire purchase agreements and conditional sale agreements.
• Clause 64 addresses reinsurance for acts of terrorism.
• The Treasury has the power to issue directions to ensure compliance with requirements expected of a public sector body.
• The clause requires the appointment of an accounting officer in affected bodies.
• New clause 13 adds the chair of the Payment Systems Regulator as a member of the FCA board.
• Government amendment 23 provides for these changes to come into effect two months after Royal Assent.
• Clause 65 makes technical amendments to the Banking Act 2009.
• Clauses 67 and 68 introduce new regulatory principles and consultation obligations, and empower the Treasury to make consequential legislative changes.
• Amendments were made to Clause 67, page 81, line 2 and line 7 to remove the word 'relevant'.
• Amendment 7 removes subsection (3) of Clause 67.
• Amendment 8 inserts a provision in Clause 70 allowing reliance on clause 4(1).
• NC13 is set to come into force two months after Royal Assent.