The Social Security and Pensions (Financial Services and Markets Act 2000) (Consequential Amendments) Regulations (Northern Ireland) 2003

Amendment of the Social Security (Payments on account, Overpayments and Recovery) Regulations

3.  In regulation 10 of the Social Security (Payments on account, Overpayments and Recovery) Regulations (Northern Ireland) 1988(1) (conversion of payments made in a foreign currency) –

(a) the words from “Where a payment” to “has been deducted.” shall be numbered as paragraph (1) of that regulation;

(b) in that paragraph for “any institution which is authorised under the Banking Act 1987” there shall be substituted “any authorised deposit-taker”;

(c) after that paragraph there shall be added the following paragraphs –

“(2) In this regulation “authorised deposit-taker” means –

(a) a person who has permission under Part IV of the Financial Services and Markets Act 2000 to accept deposits; or

(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act (EEA passport rights) which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.

(3) Paragraph (2) shall be read with –

(a) section 22 of the Financial Services and Markets Act 2000 (regulated activities);

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.”.

(1)

S.R. 1988 No. 142, to which there are amendments not relevant to these regulations