Preparing for Brexit: Payment accounts—quick guide
Preparing for Brexit: Payment accounts—quick guide

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Preparing for Brexit: Payment accounts—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation—payment accounts requirements
  • Key changes introduced by the draft Payment Accounts (Amendment) (EU Exit) Regulations 2018
  • Binding Technical Standards—PAD
  • Temporary transitional powers

This Payment Accounts Directive (Directive 2014/92/EU) (PAD) quick guide details current UK legislation and retained EU legislation in relation to requirements that will be amended by the Payment Accounts (Amendment) (EU Exit) Regulations 2019, SI 2019/661 (Payment Accounts Exit Regulations), and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) rules and guidance.

The below summary sets out Brexit preparations and contingency plans in relation to onshoring EU rules for payment account providers after Brexit.

UK preparations for Brexit

The Payment Accounts Exit Regulations are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a ‘no deal’ Brexit. The Payment Accounts Regulations form part of the process of domesticating EU law to ensure legal continuity at the point of the UK’s exit from the EU. EU(W)A 2018 ‘onshores’ and preserves most EU and EU-derived law as it stands immediately before the UK’s departure.

EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU.

The Withdrawal Agreement sets out the arrangements for UK withdrawal from