# The Social Security (Payments on account, Overpayments and Recovery) Regulations 1988, Regulation 10: Conversion of payments made in a foreign currency

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

(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.
(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; ...
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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/1988/664/regulation/10 (the official version)
Page: https://openlegislation.uk/social-security-payments-on-account-overpayments-and-recovery-regulations-1988/regulation-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.