{
  "url": "https://openlegislation.uk/social-security-payments-on-account-overpayments-and-recovery-regulations-1988/regulation-10",
  "json_url": "https://openlegislation.uk/social-security-payments-on-account-overpayments-and-recovery-regulations-1988/regulation-10.json",
  "legislation": "uksi/1988/664",
  "legislation_title": "The Social Security (Payments on account, Overpayments and Recovery) Regulations 1988",
  "legislation_url": "https://openlegislation.uk/social-security-payments-on-account-overpayments-and-recovery-regulations-1988",
  "path": "regulation/10",
  "kind": "regulation",
  "number": "10",
  "heading": "Conversion of payments made in a foreign currency",
  "text": "(1) Where a payment of income prescribed by regulation 7(1), or a payment prescribed by regulation 8(1), is made in a currency other than sterling, its value in sterling, for the purposes of section 27 of the Act and this Part, shall be determined, after conversion by the Bank of England, or by any authorised deposit-taker, as the net sterling sum into which it is converted, after any banking charge or commission on the transaction has been deducted.\n(2) In this regulation “authorised deposit-taker” means—\n(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; ...\n(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) Paragraph (2) must be read with—\n(a) section 22 of the Financial Services and Markets Act 2000;\n(b) any relevant order under that section; and\n(c) Schedule 2 to that Act.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 10(1): reg. 10 renumbered as reg. 10(1) (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 389(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 10(1) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 389(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Reg. 10(2) - Reg. 10(3) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 389(c)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Reg. 10(2)(b) and word omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 45 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/664/regulation/10",
    "retrieved_at": "2026-11-05T03:40:16.866730+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}