Whereas:
1.1 The PSR gave General Direction 2 under the Financial Services (Banking Reform) Act 2013 (FSBRA). It came into force on 30 June 2015.
1.2 The PSR has reviewed General Direction 2 and, following consultation, has decided to:
- replace the access test with a test aligned to the substantive access test in the PSRs 2017
- remove the application to the operator of CHAPS
1.3 The PSR has decided to give a new General Direction 2, replacing the General Direction 2 we gave in 2015.