account information service — an online service to provide consolidated information on one or more payment accounts held by the payment service user with another payment service provider or with more than one payment service provider, and includes such a service whether information is provided— in its original form or after processing; only to the payment service user or to the payment service user and to another person in accordance with the payment service user's instructions Schedule 8, Part 2, paragraph 5(2)

account information service — an online service to provide consolidated information on one or more payment accounts held by the payment service user with another payment service provider or with more than one payment service provider, and includes such a service whether information is provided— in its original form or after processing; only to the payment service user or to the payment service user and to another person in accordance with the payment service user's instructions Section 2(1)

account information service provider — a payment service provider which provides account information services Section 2(1)

account servicing payment service provider — a payment service provider providing and maintaining a payment account for a payer Section 2(1)

acquiring of payment transactions — a payment service provided by a payment service provider contracting with a payee to accept and process payment transactions which result in a transfer of funds to the payee Section 2(1)

agent — a person who acts on behalf of an authorised payment institution, a small payment institution or a registered account information service provider in the provision of payment services Section 2(1)

appropriate person — a person appearing to the FCA to be someone— to whom the profits mentioned in paragraph (1)(a) are attributable; or who has suffered the loss or adverse effect mentioned in paragraph (1)(b) Section 114(3)

approved foreign credit institution — — the central bank of a State that is a member of the Organisation for Economic Co-operation and Development (“an OECD state”), a credit institution that is supervised by the central bank or other banking regulator of an OECD state, any credit institution that— is subject to regulation by the banking regulator of a State that is not an OECD state, is required by the law of the country or territory in which it is based to provide audited accounts, has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time), has a surplus of revenue over expenditure for the last two financial years, and has an annual report which is not materially qualified Section 23(19)

asset pool — a collection of assets collectively owned by those persons whose funds the relevant institution is required to safeguard, and in which the relevant institution may also have an interest Schedule 6, Part 1, paragraph 3(1A)

asset pool — — any relevant funds segregated in accordance with paragraph (5); any relevant funds held in an account in accordance with paragraph (6)(a); where paragraph (9) applies, any funds that are received into the account held at the Bank of England upon settlement in respect of transfer orders that have been entered into the designated system on behalf of payment service users, whether settlement occurs before or after the insolvency event; any relevant assets held in an account in accordance with paragraph (6)(b); and any proceeds of an insurance policy or guarantee held in an account in accordance with paragraph (12)(b) Section 23(18)

authentication — a procedure which allows a payment service provider to verify the identity of a payment service user or the validity of the use of a specific payment instrument, including the use of the user's personalised security credentials Section 2(1)

authorised credit institution — a person authorised for the purposes of the 2000 Act to accept deposits or an approved foreign credit institution (see paragraph (19)), but does not include a person in the same group as the authorised payment institution Section 23(18)

authorised custodian — a person authorised for the purposes of the 2000 Act to safeguard and administer investments ...; “default arrangements” has the meaning given in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation) Section 23(18)

authorised insurer — a person authorised for the purposes of the 2000 Act to effect and carry out a contract of general insurance as principal ..., other than a person in the same group as the authorised payment institution Section 23(18)

authorised payment institution — — a person authorised as a payment institution pursuant to regulation 6 (conditions for authorisation as a payment institution) and included by the FCA in the register as an authorised payment institution pursuant to regulation 4(1)(a) (the register of certain payment service providers); or a person included by the FCA in the register pursuant to regulation 150 or 152, and regulation 153(1) (transitional provisions) Section 2(1)

branch — a place of business, other than the head office, of— which forms a legally dependent part of such a payment service provider and which carries out directly all or some of the services inherent in the business of such a payment service provider; ... an authorised payment institution; a small payment institution; or a registered account information service provider; ... .. Section 2(1)

business day — any day on which the relevant payment service provider is open for business as required for the execution of a payment transaction; .. Section 2(1)

competent authority of any other relevant EEA State — a competent authority designated in accordance with the electronic money directive in an EEA State which the Authority considers to have an interest in the measures taken, or to be taken, by the Authority Schedule 8, Part 2, paragraph 5(20)

compliance failure — a failure by a regulated person to comply with— a qualifying requirement; or a direction given under regulation 125(1); ... “general direction” has the meaning given in regulation 125(5); “general guidance” has the meaning given in regulation 134(2) Section 123

consumer — an individual who, in contracts for payment services to which these Regulations apply, is acting for purposes other than a trade, business or profession; “credit institution” has the meaning given in Article 4(1)(1) of the capital requirements regulation Section 2(1)

credit transfer — a payment service for crediting a payee's payment account with a payment transaction or a series of payment transactions from a payer's payment account by the payment service provider which holds the payer's payment account, based on an instruction given by the payer; “designated system” has the meaning given in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation) Section 2(1)

credit union — a credit union within the meaning of— the Credit Unions Act 1979 ; the Credit Unions (Northern Ireland) Order 1985 Section 3(3)

digital content — goods or services which are produced and supplied in digital form, the use or consumption of which is restricted to a technical device and which do not include in any way the use or consumption of physical goods or services Section 2(1)

direct debit — a payment service for debiting the payer's payment account where a payment transaction is initiated by the payee on the basis of consent given by the payer to the payee, to the payee's payment service provider or to the payer's own payment service provider Section 2(1)

distance contract — a distance contract as defined by regulation 5 of the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (other definitions) Section 77(5)

durable medium — any instrument which enables the payment service user to store information addressed personally to them in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored; ... ... ... ... .. Section 2(1)

electronic communications network — transmission systems and, where applicable, switching or routing equipment and other resources which permit the conveyance of signals by wire, by radio, by optical or by other electromagnetic means, including satellite networks, fixed (circuit- and packet-switched, including Internet) and mobile terrestrial networks, electricity cable systems, to the extent that they are used for the purpose of transmitting signals, networks used for radio and television broadcasting, and cable television networks, irrespective of the type of information conveyed; Section 2(1)

electronic communications service — a service normally provided for remuneration which consists wholly or mainly in the conveyance of signals on electronic communications networks, including telecommunications services and transmission services in networks used for broadcasting, but exclude services providing, or exercising editorial control over, content transmitted using electronic communications networks and services; it does not include information society services, as defined in Article 1 of Directive (EU) 2015/1535 of the European Parliament and of the Council of 9 September 2015 laying down a procedure for the provision of information in the field of technical regulations and of rules on Information Society services, which do not consist wholly or mainly in the conveyance of signals on electronic communications networks; “electronic money” has the meaning given in regulation 2(1) of the Electronic Money Regulations 2011; ... “electronic money institution” has the meaning given in regulation 2(1) of the Electronic Money Regulations 2011; .. Section 2(1)

European Banking Authority — the European Banking Authority established by Regulation (EU) 1093/2010 of the European Parliament and of the Council of 24th November 2010 establishing a European Supervisory Authority (European Banking Authority) Schedule 8, Part 2, paragraph 5(2)

excepted contract — a contract that— falls to any extent within regulation 6(1) of those Regulations (limits of application: general); or falls within regulation 6(2) of those Regulations Section 77(5)

excluded provider — a provider of services falling within paragraphs 2(k)(i) to (iii), (l) or (o) of Schedule 1 (limited network, electronic communications and cash withdrawal exclusions) Section 2(1)

first payment services directive — Directive 2007/64/EC of the European Parliament and of the Council of 13th November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC Schedule 8, Part 2, paragraph 5(28)

framework contract — a contract for payment services which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account Section 2(1)

funds — banknotes and coins, scriptural money and electronic money Section 2(1)

general guidance — guidance given by the Payment Systems Regulator under this regulation which is— given to persons generally or to a class of persons; intended to have continuing effect; and given in writing or other legible form Section 134(2)

group — a group of— undertakings linked to each other by a relationship referred to in Article 22(1), (2) or (7) of Directive 2013/34/EU of the European Parliament and of the Council of 26th June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC ; or undertakings as defined in Articles 4 to 7 of Commission Delegated Regulation (EU) No. 241/2014 of 7th January 2014 supplementing Regulation (EU) 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for Own Funds requirements for institutions , which are linked to each other by a relationship referred to in Article ... 113(6) ... of the capital requirements regulation; ... .. Section 2(1)

incoming firm — an EEA authorised electronic money institution which is exercising, or has exercised, its right to provide services in the United Kingdom in accordance with the Electronic Money Regulations 2011; subsection (1A) were omitted; and for subsection (2) there were substituted— Expressions used in this Part and in the Payment Services Regulations 2017 have the same meaning in this Part as they have in those Regulations. Section 194 (general grounds on which power of intervention is exercisable) is to be read as if subsections (1)(c)(ii) and (1AA) to (5) were omitted. Sections 194A to 194C, 195A, 195B, 198 to 199A and 201 are to be ignored. Section 195 (exercise of power in support of overseas regulator) is to be read as if— subsection (2A) were omitted; and in subsection (5)(b), the reference to an EEA firm's EEA authorisation were a reference to an EEA authorised electronic money institution's authorisation under the electronic money directive. Section 196 (the power of intervention) is to be read as if— in subsection (1), for paragraphs (a) and (b) there were substituted— the firm were an authorised electronic money institution; and the FCA were entitled to exercise its power under… Schedule 8, Part 2, paragraph 5(31)

insolvency event — any of the following procedures in relation to an authorised payment institution or small payment institution— the making of a winding-up order; the passing of a resolution for voluntary winding-up; the entry of the institution into administration; the appointment of a receiver or manager of the institution's property; the approval of a proposed voluntary arrangement (being a composition in satisfaction of debts or a scheme of arrangement); the making of a bankruptcy order; in Scotland, the award of sequestration; the making of any deed of arrangement for the benefit of creditors or, in Scotland, the execution of a trust deed for creditors; the conclusion of any composition contract with creditors; ... the making of an insolvency administration order or, in Scotland, sequestration, in respect of the estate of a deceased person; the entry of the institution into payment institution special administration; or; the entry of the institution into investment bank special administration Section 23(18)

insolvency proceeding — — winding-up, administration, receivership, bankruptcy or, in Scotland, sequestration; a voluntary arrangement, deed of arrangement or trust deed for the benefit of creditors; or the administration of the insolvent estate of a deceased person; “investment bank special administration” has the same meaning as in the Investment Bank Special Administration Regulations 2011 (see regulation 3(1) of those Regulations); “payment institution special administration” has the same meaning as in the Payment and Electronic Money Institution Insolvency Regulations 2021 (see regulation 4(3)); “rules” has the meaning given in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation) Section 23(18)

interchange fee regulation — Regulation (EU) 2015/751 of the European Parliament and of the Council of 29th April 2015 on interchange fees for card-based payment transactions Section 2(1)

Investigating authority — the FCA. subsection (6) were omitted; section 168 (appointment of persons to carry out investigations in particular cases) is to be read as if— in subsection (1)— after paragraph (b) there were inserted— a person may have contravened any requirement of or imposed under the Payment Services Regulations 2017 or section 312R; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in paragraph (b) for “191F” to the end there were substituted “ or under regulation 138, 139, 141 or 142 of the Payment Services Regulations 2017 ”; for subsection (2) there were substituted— Subsection (3) also applies if it appears to an investigating authority that there are circumstances suggesting that a person may be guilty of an offence under, or has contravened a requirement of, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 . subsections (4) and (5) were omitted; and for subsection (6) there were substituted— Schedule 6, Part 1, paragraph 4

issuing of payment instruments — a payment service by a payment service provider contracting with a payer to provide a payment instrument to initiate payment orders and to process the payer's payment transactions Section 2(1)

means of distance communication — a method which, without the simultaneous physical presence of the payment service provider and the payment service user, may be used for the conclusion of a contract for payment services between those parties Section 2(1)

Method A — the calculation method set out in this paragraph Schedule 3, Part 2, paragraph 8(1)

Method B — the calculation method set out in this paragraph Schedule 3, Part 2, paragraph 9(1)

Method C — the calculation method set out in this paragraph Schedule 3, Part 2, paragraph 10(1)

micro-enterprise — an enterprise which, at the time at which the contract for payment services is entered into, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC of 6th May 2003 concerning the definition of micro, small and medium-sized enterprises ; .. Section 2(1)

money remittance — a service for the transmission of money (or any representation of monetary value), without any payment accounts being created in the name of the payer or the payee, where— funds are received from a payer for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee; or funds are received on behalf of, and made available to, the payee Section 2(1)

municipal bank — a company which, immediately before 1st December 2001, fell within the definition of a municipal bank in section 103 of the Banking Act 1987 (municipal banks) Section 3(3)

notice — a notice in writing Section 2(1)

own funds — own funds as defined in Article 4(1)(118) of the capital requirements regulation, and “Common Equity Tier 1 capital”, “Tier 1 capital” and “Tier 2 capital” have the same meanings as in that regulation; in the definition of “payment services” for “2009” substitute “ 2017 ”; for the definition of “the payment services directive” substitute— Schedule 8, Part 2, paragraph 5(2)

own funds — own funds as defined in Article 4(1)(118) of the capital requirements regulation, and “Common Equity Tier 1 capital”, “Tier 1 capital” and “Tier 2 capital” have the same meanings as in that regulation; “parent undertaking” has the same meaning as in the Companies Acts, as defined by section 1162 of, and Schedule 7 to, the Companies Act 2006 (parent and subsidiary undertakings) ; “participant” has the meaning given in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation) ; .. Section 2(1)

payee — a person who is the intended recipient of funds which have been the subject of a payment transaction Section 2(1)

payer — — a person who holds a payment account and initiates, or consents to the initiation of, a payment order from that payment account; or where there is no payment account, a person who gives a payment order Section 2(1)

payment account — an account held in the name of one or more payment service users which is used for the execution of payment transactions Section 2(1)

payment brand — any material or digital name, term, sign or symbol, or combination of them, capable of denoting under which payment card scheme card-based payment transactions are carried out Section 2(1)

payment initiation service — a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider; “payment service provider” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017 Schedule 8, Part 2, paragraph 5(2)

payment initiation service — an online service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider Section 2(1)

payment initiation service provider — a payment service provider which provides payment initiation services Section 2(1)

payment instrument — any— used by the payment service user in order to initiate a payment order; personalised device; or personalised set of procedures agreed between the payment service user and the payment service provider Section 2(1)

payment order — any instruction by a payer or a payee to their respective payment service provider requesting the execution of a payment transaction Section 2(1)

payment service — any of the activities specified in Part 1 of Schedule 1 (payment services) when carried out as a regular occupation or business activity, other than any of the activities specified in Part 2 of that Schedule (activities which do not constitute payment services) Section 2(1)

payment service provider — any of the following when they carry out payment services— and in Part 9 (the FCA) and Schedule 6 (application and modification of legislation), includes agents of payment service providers and excluded providers; authorised payment institutions; small payment institutions; registered account information service providers; ... ... electronic money institutions, including branches located in the United Kingdom of such institutions whose head office is outside the United Kingdom, in so far as the payment services provided by those branches are linked to the issuance of electronic money; credit institutions, including branches located in the United Kingdom; the Post Office Limited; the Bank of England, other than when acting in its capacity as a monetary authority or carrying out other functions of a public nature; and government departments and local authorities, other than when carrying out functions of a public nature Section 2(1)

payment service user — a person when making use of a payment service in the capacity of payer, payee, or both Section 2(1)

payment services directive — Directive 2015/2366/EU of the European Parliament and of the Council of 25th November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No. 1093/2010, and repealing Directive 2007/64/EC ; ... in the definition of “relevant provisions”, after paragraph (j) there were inserted— Article 24 of the payment services directive; in the definition of “relevant directives”, after paragraph (e) there were inserted— the payment services directive; regulation 5(4)(a) (disclosure for the purposes of certain other proceedings) is to be read as if for “an authorised person, former authorised person or former regulated person” there were substituted “ a payment service provider, former payment service provider, excluded provider or former excluded provider Schedule 6, Part 2, paragraph 13

payment services directive — Directive 2015/2366/EU of the European Parliament and of the Council of 25th November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No. 1093/2010, and repealing Directive 2007/64/EC Section 2(1)

payment system — a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and settlement of payment transactions Section 2(1)

payment transaction — an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and payee Section 2(1)

Payment volume — the total amount of payment transactions executed by the authorised payment institution in the preceding financial year divided by the number of months in that year Schedule 3, Part 2, paragraph 9(3)

personalised security credentials — personalised features provided by a payment service provider to a payment service user for the purposes of authentication; “qualifying holding” has the meaning given in Article 4(1)(36) of the capital requirements regulation Section 2(1)

private person — — but does not include a government, a local authority (in the United Kingdom or elsewhere) or an international organisation. any individual, except where the individual suffers the loss in question in the course of providing payment services; and any person who is not an individual, except where that person suffers the loss in question in the course of carrying on business of any kind Section 148(3)

qualifying person — a person appearing to the court to be someone— to whom the profits mentioned in paragraph (1)(a) are attributable; or who has suffered the loss or adverse effect mentioned in paragraph (1)(b) Section 116(4)

qualifying requirement — an obligation, prohibition or restriction imposed by— regulation 61 (information on ATM withdrawal charges), Part 8 (access to payment systems and bank accounts), with the exception of the obligation imposed on the FCA by regulation 105(5) (access to bank accounts), or a direction given by the Payment Systems Regulator under regulation 125(2A) Section 123

reference exchange rate — the exchange rate which is used as the basis to calculate any currency exchange and which is made available by the payment service provider or comes from a publicly available source Section 2(1)

reference interest rate — the interest rate which is used as the basis for calculating any interest to be applied and which comes from a publicly available source which can be verified by both parties to a contract for payment services Section 2(1)

registered account information service provider — an account information service provider registered pursuant to regulation 18 and included by the FCA on the register pursuant to regulation 4(1)(c) (the register of certain payment service providers); “regulated agreement” has the meaning given by section 189(1) of the Consumer Credit Act 1974 (definitions) Section 2(1)

regulated person — a person on whom a qualifying requirement is imposed Section 123

Relevant assets — assets held by a relevant institution to satisfy its obligations to safeguard funds received— including proceeds derived from the realisation of such assets. in exchange for electronic money that has been issued, or where no electronic money has been issued— from, or for the benefit of, a payment service user for the execution of a payment transaction, or from a payment service provider for the execution of a payment transaction on behalf of a payment service user, In subsection (3A), “assets” include— money; insurance policies, including rights arising under those policies; guarantees, including rights arising under those guarantees; other investments, whether or not specified by the Treasury under section 22 of the 2000 Act Schedule 6, Part 1, paragraph 3(1A)

Relevant credit union — a credit union which issues electronic money. In paragraph (1A)(b) Schedule 6, Part 1, paragraph 3(1A)

relevant person — — where the cash is provided by a person (“P1”) through one or more persons acting on P1's behalf, P1 and each person acting (directly or indirectly) on P1's behalf; where the cash is provided by a person (“P2”) otherwise than on behalf of another person or through one or more persons acting on P2's behalf, P2 Schedule 1, Part 2, paragraph 3(2)

Relevant person — — in relation to subsection (1)(a), any person responsible for the management of the payment service provider or, where relevant, any person responsible for the management of the payment service provider’s payment services activities, or in relation to subsection (1)(b), any person responsible for the management of the authorised payment institution, small payment institution, or registered account information services provider or, where relevant, any person responsible for the management of the authorised payment institution’s, small payment institution’s, or registered account information services provider’s payment services activities Schedule 6, Part 1, paragraph 1(2)

relevant requirement — a requirement imposed by or under— a direction given under regulation 125, a direction given under section 54 of the Financial Services (Banking Reform) Act 2013, a rule made under section 55 of that Act, an order made under section 56(3) of that Act, or a variation of an agreement under section 57(2) of that Act Section 90(7)

remote payment transaction — a payment transaction initiated through the internet or otherwise initiated through a device that can be used for distance communication Section 2(1)

security right — — security for a debt owed by an authorised payment institution or a small payment institution and includes any charge, lien, mortgage or other security over the asset pool or any part of the asset pool; and any charge arising in respect of the expenses of a voluntary arrangement; “settlement” and “system” have the same meanings as in the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 Section 23(18)

sensitive payment data — information, including personalised security credentials, which could be used to carry out fraud; but in relation to account information services and payment initiation services does not include the name of an account holder or an account number; for the definition of “own funds” substitute— Schedule 8, Part 2, paragraph 5(2)

sensitive payment data — information, including personalised security credentials, which could be used to carry out fraud; but in relation to account information services and payment initiation services does not include the name of an account holder or an account number Section 2(1)

serious crime — — an offence listed in Part 1 (England & Wales), Part 1A (Scotland) or Part 2 (Northern Ireland) of Schedule 1 to the Serious Crime Act 2007; or conduct that would constitute an offence specified in sub-paragraph (a) if done in any part of the United Kingdom Section 2(1)

single payment service contract — a contract for a single payment transaction not covered by a framework contract Section 2(1)

small payment institution — — a person registered as a small payment institution pursuant to regulation 14 and included by the FCA in the register pursuant to regulation 4(1)(b) (the register of certain payment service providers); or a person included by the FCA in the register pursuant to regulations 151 and 153(1) (transitional provisions) Section 2(1)

strong customer authentication — authentication based on the use of two or more elements that are independent, in that the breach of one element does not compromise the reliability of any other element, and designed in such a way as to protect the confidentiality of the authentication data, with the elements falling into two or more of the following categories— something known only by the payment service user (“knowledge”); something held only by the payment service user (“possession”); something inherent to the payment service user (“inherence”); “subsidiary undertaking” has the same meaning as in the Companies Acts (see section 1162 of, and Schedule 7 to, the Companies Act 2006 (parent and subsidiary undertakings)); “transfer order” has the meaning given in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation) Section 2(1)

the 2000 Act — the Financial Services and Markets Act 2000 Section 2(1)

the 2013 Act — the Financial Services (Banking Reform) Act 2013 Section 123

the appropriate regulator — the FCA. section 187(2)(b) (approval with conditions) is to be read as if “section 187A(3)(b) or” were omitted; section 187A (assessment: consultation by PRA with FCA) is to be disregarded; section 187C (variation etc of conditions) is to be read as if subsection (1) were omitted; section 188(1), (2) and (3) (assessment: consultation with EC competent authorities) are to be read as if after “home state regulator” there were inserted “ or home state competent authority Schedule 6, Part 1, paragraph 5

the capital requirements regulation — Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms; “charity”, in Parts 6 (information requirements for payment services) and 7 (rights and obligations in relation to the provision of payment services), means a body whose annual income is less than £1 million and is— in England and Wales, a charity as defined by section 1(1) of the Charities Act 2011 (meaning of “charity”) ; in Scotland, a charity as defined by section 106 of the Charities and Trustee Investment (Scotland) Act 2005 (general interpretation) ; in Northern Ireland, a charity as defined by section 1(1) of the Charities Act (Northern Ireland) 2008 (meaning of “charity”) ; “co-badged”, in relation to a payment instrument, refers to an instrument on which is included two or more payment brands, or two or more payment applications of the same payment brand Section 2(1)

the Commissioners — the Commissioners for Her Majesty's Revenue and Customs Section 2(1)

the FCA — the Financial Conduct Authority Section 2(1)

the payment services directive — Directive 2015/2366/EU of the European Parliament and of the Council of 25th November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No. 1093/2010, and repealing Directive 2007/64/EC Schedule 8, Part 2, paragraph 5(2)

the Payment Systems Regulator — the body established under section 40 of the Financial Services (Banking Reform) Act 2013 (the Payment Systems Regulator) Section 2(1)

the qualifying area — the area of the United Kingdom and the EEA States Section 40(1A)

the qualifying area — the area of the United Kingdom and the EEA States Section 63(1A)

the qualifying area — the area of the United Kingdom and the EEA States Section 66(4)

the qualifying area — the area of the United Kingdom and the EEA States Section 85(3)

the register — the register maintained by the FCA under regulation 4 (the register of certain payment service providers) Section 2(1)

the SEPA regulation — Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 Section 2(1)

Tribunal rules — rules under section 15 of the Enterprise Act 2002 Section 131(8)

unique identifier — a combination of letters, numbers or symbols specified to the payment service user by the payment service provider and to be provided by the payment service user in relation to a payment transaction in order to identify unambiguously one or both of— another payment service user who is a party to the payment transaction; the other payment service user's payment account Section 2(1)

value date — a reference time used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account Section 2(1)