Conversion of payments by an authorised institution
389. In regulation 10 of the Social Security (Payments on account, Overpayments and Recovery) Regulations 1988 (Conversion of payments made in a foreign currency)(1)—
(a)the existing text is numbered paragraph (1);
(b)in paragraph (1) for “any institution which is authorised under the Banking Act 1987” substitute “any authorised deposit-taker”;
(c)after paragraph (1) insert—
“(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.”.
Regulation 10 was amended by S.I. 1988/688, regulation 2(2), and modified, in relation to the reference to any institution authorised under the Banking Act 1987, by S.I. 1992/3218, regulation 82(1), Schedule 10, paragraph 47.