2019 No. 661
The Payment Accounts (Amendment) (EU Exit) Regulations 2019
Made
Coming into force in accordance with regulation 1(2) and (3)
The Treasury make these Regulations in exercise of the powers conferred by section 8(1) of, and paragraph 21(b) of Schedule 7 to, the European Union (Withdrawal) Act 20181.
In accordance with paragraph 1(1) of Schedule 7 to that Act, a draft of this instrument has been laid before, and approved by a resolution of, each House of Parliament.
PART 1General
Citation and commencement1
1
These Regulations may be cited as the Payment Accounts (Amendment) (EU Exit) Regulations 2019.
2
Chapter 2 of Part 2 comes into force on the day after the day on which these Regulations are made.
3
The remaining provisions come into force on exit day.
PART 2Amendment of secondary legislation
CHAPTER 1Amendment of the Payment Accounts Regulations 2015
Amendment of the Payment Accounts Regulations 20152
The Payment Accounts Regulations 20152 are amended as follows.
Substitution of “European Union”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).
Omission of regulations 5 and 174
Omit the following regulations—
a
regulation 5 (revision of the linked services list);
b
regulation 17 (facilitation of cross-border account opening for consumers).
Amendment of regulation 25
In regulation 2(1) (interpretation), omit the following definitions—
a
the definition of “EBA”;
b
the definition of “EU standardised terminology”.
Amendment of regulation 36
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.
Amendment of regulation 47
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).
Amendment of regulation 88
In regulation 8(1)(b) (fee information document), at the end insert “as amended immediately before exit day”.
Amendment of regulation 189
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”.
Amendment of regulation 1910
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.
Amendment of regulation 2011
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”.
Insertion of regulation 40A12
After regulation 40 (guidance) insert—
Technical standards40A
The Authority, after consumer testing, may make technical standards in accordance with Chapter 2A of Part 9A of the Act (technical standards)3 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.
Amendment of regulation 4313
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).
Amendment of Schedule 114
In Schedule 1 (content and presentational format of the fee information document)—
a
for paragraph 1 substitute—
Compliance with implementing technical standards1
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)4 regarding a standardised presentational format of the fee information document and its common symbol.
b
in paragraph 4(e), omit “of the European Union”.
Amendment of Schedule 215
In Schedule 2 (content and presentational format of the statement of fees), for paragraph 1 substitute—
Compliance with implementing technical standards1
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.
Amendment of Schedule 716
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 20175, 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)6”.
CHAPTER 2Amendment of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018
Amendment of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 201817
1
The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 20187 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—
Payment Accounts Directive
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 Council8.
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 Council9.
PART 3Revocation of EU legislation
Revocation of Regulation (EU) 2018/3218
Commission Delegated Regulation (EU) 2018/32 of 28 September 2017 supplementing Directive 2014/92/EU of the European Parliament and of the Council with regard to regulatory technical standards for the Union standardised terminology for most representative services linked to a payment account is revoked.
(This note is not part of the Regulations)