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The Social Security (Payments on account, Overpayments and Recovery) Regulations 1988
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- UK Statutory Instruments
- 1988 No. 664
- PART IV
- Regulation 10
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Changes over time for: Section 10
Version Superseded: 31/12/2020
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- 01/01/2014- Amendment
- 01/01/2014
Point in time - 31/12/2020- Amendment
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Conversion of payments made in a foreign currencyU.K.
10.—[F1(1)] Where a payment of income prescribed by regulation 7(1), or a payment prescribed by regulation 8(1), is made in a currency other than sterling, its value in sterling, for the purposes of section 27 of the Act and this Part, shall be determined, after conversion by the Bank of England, or by [F2any authorised deposit-taker], as the net sterling sum into which it is converted, after any banking charge or commission on the transaction has been deducted.
[F3(2) In this regulation “authorised deposit-taker” means—
(a)a person who has permission under Part 4 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 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) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.]
Textual Amendments
F1Reg. 10(1): reg. 10 renumbered as reg. 10(1) (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 389(a)
F2Words in reg. 10(1) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 389(b)
F3Reg. 10(2) - Reg. 10(3) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 389(c)
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