The Payment Accounts (Amendment) (EU Exit) Regulations 2019

CHAPTER 1 U.K. Amendment of the Payment Accounts Regulations 2015

Amendment of the Payment Accounts Regulations 2015 U.K.

2.  The Payment Accounts Regulations 2015 M1 are amended as follows.

Commencement Information

I1 Reg. 2 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M1 S.I. 2015/2038.

Substitution of “European Union” U.K.

3.  In the following provisions, for “European Union” substitute “ United Kingdom ”

(a) regulation 23(1) and (2)(a) (eligibility criteria);

(b) regulation 26(2)(d) (framework contracts and termination).

Commencement Information

I2 Reg. 3 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Omission of regulations 5 and 17 U.K.

4.  Omit the following regulations—

(a) regulation 5 (revision of the linked services list);

(b) regulation 17 (facilitation of cross-border account opening for consumers).

Commencement Information

I3 Reg. 4 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Amendment of regulation 2 U.K.

5.  In regulation 2(1) (interpretation), omit the following definitions—

(a) the definition of “EBA”;

(b) the definition of “EU standardised terminology”.

Commencement Information

I4 Reg. 5 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Amendment of regulation 3 U.K.

6.  In regulation 3 (publication of the linked services list)—

(a) in paragraph (1), for the words before “list” substitute “ The Authority must maintain a published ”;

(b) in paragraph (2)—

(i) after sub-paragraph (a) insert “ and ”;

(ii) omit sub-paragraph (c) and the “and” immediately before it.

Commencement Information

I5 Reg. 6 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Amendment of regulation 4 U.K.

7.  In regulation 4 (periodic review of the linked services list)—

(a) for paragraph (1) substitute—

“(1) The Authority must assess and, where appropriate, update the linked services list—

(a) on or before 30th April 2022; and

(b) at least every 4 years after that date.”;

(b) omit paragraph (2).

Commencement Information

I6 Reg. 7 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Amendment of regulation 8 U.K.

8.  In regulation 8(1)(b) (fee information document), at the end insert “ as amended immediately before [F1 IP completion day]”.

Textual Amendments

F1 Words in reg. 8 substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 36

Commencement Information

I7 Reg. 8 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Amendment of regulation 18 U.K.

9.  In regulation 18(1) (non-discrimination in the provision of payment accounts), for the words from “European Union by reason” to “of the European Union” substitute “ United Kingdom by reason of their nationality or place of residence or by reason of sex, race, colour, ethnic or social origin, genetic features, language, religion or belief, political or any other opinion, membership of a national minority, property, birth, disability, age or sexual orientation ”.

Commencement Information

I8 Reg. 9 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Amendment of regulation 19 U.K.

10.  In regulation 19 (payment account with basic features)—

(a) in paragraph (1)(c) and (d), in the words before paragraph (i), for the words from “European Union” to the end substitute “ United Kingdom in sterling ”;

(b) after paragraph (3) insert—

“(3A) A payment account with basic features may allow consumers to—

(a) withdraw cash from the account in a country other than the United Kingdom or in a currency other than sterling in the manner specified in paragraph (1)(c)(i) or (ii);

(b) execute a payment transaction specified in paragraph (1)(d)(i), (ii) or (iii) in a country other than the United Kingdom or in a currency other than sterling.”.

Commencement Information

I9 Reg. 10 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Amendment of regulation 20 U.K.

11.  In regulation 20 (fees), in paragraph (1), for the words from “the services” to “provided” substitute “ a service set out in regulation 19(1) when that service is provided in sterling ”.

Commencement Information

I10 Reg. 11 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Insertion of regulation 40A U.K.

12.  After regulation 40 (guidance) insert—

“Technical standards

40A.   The Authority, after consumer testing, may make technical standards in accordance with Chapter 2A of Part 9A of the Act (technical standards) M2 regarding a standardised presentational format of—

(a) the fee information document and its common symbol; and

(b) the statement of fees and its common symbol.”.

Commencement Information

I11 Reg. 12 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M2 Chapter 2A of Part 9A of the Act was inserted by S.I. 2018/1115.

Amendment of regulation 43 U.K.

13.  In regulation 43 (evaluation)—

(a) in paragraph (1), for the words before sub-paragraph (a) substitute “ The Authority must gather information on the following, and supply it to the Treasury on or before 18th July 2020 and at least every 2 years after that date ”;

(b) omit paragraphs (1)(b) and (2).

Commencement Information

I12 Reg. 13 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Amendment of Schedule 1 U.K.

14.  In Schedule 1 (content and presentational format of the fee information document)—

(a) for paragraph 1 substitute—

“Compliance with implementing technical standards

1.   The fee information document must comply with the requirements of—

(a) Commission Implementing Regulation (EU) 2018/34 of 28 September 2017 laying down implementing technical standards with regard to the standardised presentation format of the fee information document and its common symbol according to Directive 2014/92/EU of the European Parliament and of the Council, as amended from time to time; and

(b) any technical standards made by the Authority under regulation 40A (technical standards) M3 regarding a standardised presentational format of the fee information document and its common symbol.”;

(b) in paragraph 4(e), omit “of the European Union”.

Commencement Information

I13 Reg. 14 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M3 Regulation 40A was inserted by regulation 12 of these Regulations.

Amendment of Schedule 2 U.K.

15.  In Schedule 2 (content and presentational format of the statement of fees), for paragraph 1 substitute—

“Compliance with implementing technical standards

1.   The statement of fees must comply with the requirements of—

(a) Commission Implementing Regulation (EU) 2018/33 of 28 September 2017 laying down implementing technical standards with regard to the standardised presentation format of the statement of fees and its common symbol according to Directive 2014/92/EU of the European Parliament and of the Council, as amended from time to time; and

(b) any technical standards made by the Authority under regulation 40A (technical standards) regarding a standardised presentational format of the statement of fees and its common symbol.”.

Commencement Information

I14 Reg. 15 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Amendment of Schedule 7 U.K.

16.—(1) In Schedule 7 (application and modification of legislation), Part 1 (application and modification of the Act) is amended as follows.

(2) In paragraph 2 (information gathering and investigations)—

(a) in sub-paragraph (8)(c), after “services” insert “ as defined in regulation 2(1) of the Payment Services Regulations 2017 M4 , as amended from time to time ”;

(b) in sub-paragraph (10)(a)—

(i) omit “in a member State other than the United Kingdom”;

(ii) at the end insert “ , as it has effect in EU law ”.

(3) In paragraph 4 (warning notices and decision notices), in sub-paragraph (6)(b)—

(a) omit “(7A),”;

(b) after “(8A)” insert “ , (8AA) M5 ”.

Commencement Information

I15 Reg. 16 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M4 S.I. 2017/752.

M5 Subsection (8AA) was inserted into section 391 of the Financial Services and Markets Act 2000 (c. 16) by S.I. 2019/632.