Schedule 24, paragraph 1(3)

For the purposes of sub-paragraph (1)(b), a person is authorised to carry on a regulated financial services activity if— the person is an authorised person in relation to the activity for the purposes of section 19 of the Financial Services and Markets Act 2000; the person is exempt from the general prohibition in relation to the activity under section 39(1) of that Act; the person is a payment service provider and the activity is a payment service for which the person is authorised or registered under Part 2 of the Payment Services Regulations 2017; the person is an electronic money issuer and the activity is the issue of electronic money for which the person is authorised or registered under Part 2 of the Electronic Money Regulations 2011 (S.I. 2011/99).

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Source: legislation.gov.uk · retrieved 2026-07-30