Paragraph 27 Duty to notify FCAF1

(1)

A person to whom paragraph 26 or 36 applies must notify the FCA of that fact as soon as reasonably practicable, and in any event not later than one month after the person first becomes aware of an obligation to perform a pre-existing contract.

(2)

In this Part of this Schedule a “pre-existing contract”, in relation to a person to whom paragraph 26 applies, means a contract—

(a)

which was entered into before the extension period defined in paragraph 31 through an agent or branch in the United Kingdom, and

(b)

under which the person is obliged to provide payment services.

(3)

Notification under sub-paragraph (1) must be made in such manner, and be accompanied by such information, as the FCA may direct.

(4)

The FCA is not obliged to include a person to whom paragraph 26 applies on the register maintained under regulation 4 of PSR 2017 until the person notifies the FCA under sub-paragraph (1).

(5)

During the extension period defined in paragraph 31, a person to whom paragraph 26 applies must notify the FCA of any of the matters mentioned in paragraph 18(2)(b) to (d).

Annotations

Textual amendments

F1: Sch. 3 Pts. 3, 4 inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 10(3)