s 206N Role of the FCA, PRA and Payment Systems Regulator
(1) In exercising powers under this Part, the Bank of England must have regard to any action that the FCA, PRA or Payment Systems Regulator has taken or could take. (2) The Bank of England must— (a) consult the FCA before taking action under this Part in respect of a person who is, or has applied to be, an FCA-regulated person; (b) consult the PRA before taking action under this Part in respect of a person who has, or has applied for, Part 4A permission for the carrying on of a PRA-regulated activity; (c) consult the Payment Systems Regulator before taking action under this Part in respect of a participant in a regulated payment system. (3) In subsection (2)(c) , “ participant ” and “ regulated payment system ” have the same meanings as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 110 of that Act). (4) If the FCA, PRA or Payment Systems Regulator gives the Bank of England notice that it is considering taking action in respect of a person mentioned in subsection (2) , the Bank may not take action under this Part in respect of the person unless— (a) the FCA, PRA or Payment Systems Regulator (as the case may be) consents, or (b) the notice is withdrawn.