Member

Amendment 55 concerns the FCA’s objectives. The Government consider this amendment unnecessary. I reassure the noble Lord that the Bill already applies the FCA’s strategic objective, competition duty, and secondary international competitiveness and growth objective to payment systems regulation. The FCA’s payment system objectives are based on the PSR’s existing objectives and remain the right basis for payment systems regulation, ensuring that the FCA can promote competition and innovation while acting in the interests of service users.