Section 10(1)

The Authority may cancel a person's authorisation and remove the person from the register where— the person does not issue electronic money within 12 months beginning with the date on which the authorisation took effect; the person requests, or consents to, the cancellation of the authorisation; the person ceases to engage in business activity for more than six months; the person has obtained authorisation through false statements or any other irregular means; the person no longer meets, or is unlikely to meet, any of the conditions set out in regulation 6(4) to (8) or the requirement in regulation 19(1) to maintain own funds , or does not inform the Authority of a major change in circumstances which is relevant to its meeting those conditions or that requirement, as required by regulation 37; the person has issued electronic money or provided payment services other than in accordance with the authorisation granted to it; the person would constitute a threat to the stability of , or trust in, a payment system by continuing its electronic money or payment services business; the cancellation is desirable in order to protect the interests of consumers; or the person's issuance of electronic money or provision of payment services is otherwise unlawful , including where such provision of services is unlawful because the person's registration in a register maintained under regulation 54 or 55 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 has been cancelled under regulation 60 of those Regulations.

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Source: legislation.gov.uk · retrieved 2026-09-04