2. The Payment Accounts Regulations 2015(1) are amended as follows.
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).
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).
5. In regulation 2(1) (interpretation), omit the following definitions—
(a)the definition of “EBA”;
(b)the definition of “EU standardised terminology”.
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.
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).
8. In regulation 8(1)(b) (fee information document), at the end insert “as amended immediately before exit day”.
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”.
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.”.
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”.
12. After regulation 40 (guidance) insert—
40A. The Authority, after consumer testing, may make technical standards in accordance with Chapter 2A of Part 9A of the Act (technical standards)(2) 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.”.
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).
14. In Schedule 1 (content and presentational format of the fee information document)—
(a)for paragraph 1 substitute—
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)(3) regarding a standardised presentational format of the fee information document and its common symbol.”;
(b)in paragraph 4(e), omit “of the European Union”.
15. In Schedule 2 (content and presentational format of the statement of fees), for paragraph 1 substitute—
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.”.
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(4), 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)(5)”.
17.—(1) The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018(6) are amended as follows.
(2) In the Schedule, in Part 1 (EU Regulations for which the FCA is the appropriate regulator), after item 65 insert—
65A. 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(7).
65B. 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(8).”.
Chapter 2A of Part 9A of the Act was inserted by S.I. 2018/1115.
Regulation 40A was inserted by regulation 12 of these Regulations.
Subsection (8AA) was inserted into section 391 of the Financial Services and Markets Act 2000 (c. 16) by S.I. 2019/632.
OJ L6, 11.1.2018, p. 26.
OJ L6, 11.1.2018, p. 37.