# The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, Article 389: Conversion of payments by an authorised institution

Extent: E+W+S+N.I.

In regulation 10 of the Social Security (Payments on account, Overpayments and Recovery) Regulations 1988 (Conversion of payments made in a foreign currency)—
(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.”.

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Source: https://www.legislation.gov.uk/uksi/2001/3649/article/389 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-389
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.