delete The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018
EU Exit statutory instrument that amends the SEPA Regulation (EU 260/2012) and the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 tooperate in the UK after Brexit. Key changes replace EU references (Union, Member State) with UK/qualifying area equivalents, define UK-regulated PSPs, remove EU enforcement mechanisms (Articles 10-12), and grant Treasury power to amend technical requirements by statutory instrument. Also grants Treasury power to revoke if EEA states apply discriminatory rules against UK PSPs.
This regulation exemplifies the core problem it claims to solve: inherited EU laws preserved without democratic review. While Brexit necessitated technical amendments, this instrument goes further—removing EU oversight structures (competent authorities, penalties, complaint procedures) but replacing them with no effective UK accountability. The Treasury gains sweeping powers to amend technical requirements by statutory instrument with only post-hoc parliamentary annulment, bypassing proper scrutiny. Critically, this onshoring of the SEPA framework perpetuates the EU's approach to payment system regulation—the same bureaucratic model that created barriers to cross-border competition—while offering no clear path to genuine regulatory independence. A deleted regulation would force Parliament to proactively legislate a UK-specific payments framework fit for the City's global competitiveness, rather than inheriting EU rules dressed in British syntax.