§ 207 — Amendment of Payment Services Act 2019

207.—(1) Section 2(1) of the Payment Services Act 2019 is amended by inserting, immediately after the definition of “place of business”, the following definition:“ “prohibition order” means —(a)

a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;

(b)

a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;

(c)

an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;

(d)

an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;

(e)

a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;

(f)

a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022; or

(g)

a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.

(2) Section 11(2) of the Payment Services Act 2019 is amended —(a)

by deleting the words “, or continues to fail,” in paragraph (d);

(b)

by deleting the word “or” at the end of paragraph (k)(ii); and

(c)

by deleting the full-stop at the end of paragraph (l) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(m)

the licensee has failed, or continues to fail, to comply with any written notice issued by the Authority under the Financial Services and Markets Act 2022.”.

(3) The Payment Services Act 2019 is amended by deleting the words “under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966 or section 101A of the Securities and Futures Act 2001” in the following provisions:

Section 34(6)(e)

Section 35(2)(e)

Section 65(6)(e)

Section 66(2)(e).

(4) Section 73(11) of the Payment Services Act 2019 is amended by inserting, immediately after paragraph (f), the following paragraph:“(fa)

Financial Services and Markets Act 2022;”.

(5) Section 84 of the Payment Services Act 2019 is amended by inserting, immediately after paragraph (d) of the definition of “prescribed written law”, the following paragraph:“(da)

Financial Services and Markets Act 2022;”.

—(1) Section 2(1) of the Payment Services Act 2019 is amended by inserting, immediately after the definition of “place of business”, the following definition:“ “prohibition order” means —(a)

a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;

(b)

a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;

(c)

an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;

(d)

an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;

(e)

a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;

(f)

a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022; or

(g)

a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.

(2) Section 11(2) of the Payment Services Act 2019 is amended —(a)

by deleting the words “, or continues to fail,” in paragraph (d);

(b)

by deleting the word “or” at the end of paragraph (k)(ii); and

(c)

by deleting the full-stop at the end of paragraph (l) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(m)

the licensee has failed, or continues to fail, to comply with any written notice issued by the Authority under the Financial Services and Markets Act 2022.”.

(3) The Payment Services Act 2019 is amended by deleting the words “under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966 or section 101A of the Securities and Futures Act 2001” in the following provisions:

Section 34(6)(e)

Section 35(2)(e)

Section 65(6)(e)

Section 66(2)(e).

(4) Section 73(11) of the Payment Services Act 2019 is amended by inserting, immediately after paragraph (f), the following paragraph:“(fa)

Financial Services and Markets Act 2022;”.

(5) Section 84 of the Payment Services Act 2019 is amended by inserting, immediately after paragraph (d) of the definition of “prescribed written law”, the following paragraph:“(da)

Financial Services and Markets Act 2022;”.