This draft SI is part of the wider work the government is undertaking to prepare for the UK’s withdrawal from the EU in a range of scenarios, including the unlikely scenario where the UK leaves the EU without reaching agreement on a deal or an implementation period. The main purpose of this draft SI is to onshore the Payment Accounts Regulations 2015.
This draft instrument is still in development and is not final. The drafting approach, and other technical aspects of the proposal, may change before the final instrument is laid before Parliament in the Autumn. The changes made in this SI would not take effect on 29 March 2019 if, as expected, we enter an implementation period.
HM Treasury has set out further information on its approach to financial services legislation under the European Union (Withdrawal) Act 2018 (“EUWA”).
In June, the PSR also set out its approach to financial services legislation under the EUWA.