(1) Before making a designation order in respect of a payment system the Treasury must -
(a) consult the Payment Systems Regulator and, if the system is a recognised payment system, the Bank of England,
(b) notify the operator of the system, and
(c) consider any representations made.
(2) In considering whether to make a designation order in respect of a payment system, the Treasury may rely on information provided by -
(a) the Bank of England,
(d) the Payment Systems Regulator.