Factors to be taken into account
When considering whether to give a designation notice to a credit institution, the Treasury must take into account the following factors— (a) the credit institution’s geographical coverage; (b) the distribution of consumers within the United Kingdom; (c) the credit institution’s share of the United Kingdom’s payment account market.
Procedure
(1) Before giving a designation notice to a credit institution, the Treasury must— (a) consult the Authority; (b) notify the credit institution that it is minded to give the designation notice; and (c) consider any representations made. (2) When considering whether to give a designation notice to a credit institution, the Treasury may have regard to any information that the Authority has gathered in the course of the exercise of its functions under sections 234I (the Authority’s functions under Part 4 of the Enterprise Act 2002) and 234J (the Authority’s functions under the Competition Act 1998) of the Act.
Cancellation
(1) The Treasury may cancel a designation notice. (2) Before cancelling a designation notice, the Treasury must— (a) consult the Authority; (b) notify the credit institution to which the designation notice relates that it is minded to cancel the designation notice; and (c) consider any representations made. (3) Following cancellation of a designation notice, the credit institution must continue to offer a payment account with basic features to any customer holding such an account with the credit institution at the time of cancellation until such time as the customer ceases to be eligible to hold such an account under these Regulations.
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