SCHEDULE 8Amendments to legislation

PART 1Amendments to primary legislation

Financial Services and Markets Act 20002

1

The 2000 Act M1 is amended as follows.

2

In section 1H (further interpretative provisions for sections 1B to 1G) M2, in subsection (8)—

a

in the definition of “payment services” for “2009” substitute “ 2017 ”;

b

in the definition of “payment service provider”—

i

for “2009” substitute “ 2017 ”;

ii

for “(g) or (h)” substitute “ (i) or (j) ”.

3

In section 206A (suspending permission to carry on regulated activities etc.) M3, in subsection (1A)(a) for “2009” substitute “ 2017 ”.

4

In section 226 (compulsory jurisdiction) M4—

a

in subsection (2)(b) for “2009” substitute “ 2017 ”;

b

after subsection (5) insert—

5A

If the FCA specifies activities which are account information services provided by authorised payment institutions or EEA authorised payment institutions, the FCA must specify to the same extent account information services provided by registered account information service providers or, as the case may be, EEA registered account information service providers.

5B

Expressions used in subsection (5A) and in the Payments Services Regulations 2017 have the same meaning in that subsection as they do in those Regulations.

5

In section 234 (industry funding) M5, in subsection (1) for “2009” substitute “ 2017 ”.

6

In section 379A(2)(a) (power to apply settlement finality regime to payment institutions) M6 for “2009 (S.I. 2009/209)” substitute “ 2017 ”.

7

In section 404E (meaning of consumers) M7, in subsection (6)—

a

in the definition of “payment services” for “2009” substitute “ 2017 ”;

b

in the definition of “payment service provider” for “(e)” substitute “ (g) ”.

8

In section 404F (other definitions etc.) M8, in subsection (8)(b)—

a

for “11” substitute “ 12 ”;

b

for “2009” substitute “ 2017 ”.

9

In Schedule 1A (further provision about the Consumer Financial Education Body) M9, in paragraph 12(5)—

a

for “2009” substitute “ 2017 ”; and

b

for “(f)” substitute “ (h) ”.

10

In Schedule 17 (the ombudsman scheme) M10, in paragraph 13(4) for “2009” substitute “ 2017 ”.

11

Any reference, in an amendment to the 2000 Act made by an Act passed in the Session in which these Regulations are made, to a person who is a payment service provider for the purposes of the Payment Services Regulations 2009 as a result of falling within any of paragraphs (a) to (f) of the definition in regulation 2(1) of those Regulations is to be read as a reference to a person who is a payment service provider for the purposes of these Regulations as a result of falling within any of paragraphs (a) to (h) of the definition in regulation 2(1) of these Regulations.