Section 11(1)

The Authority may vary a person's authorisation in any of the ways mentioned in regulation 8 if it appears to the Authority that— the person no longer meets, or is unlikely to continue 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 a payment service 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 to issue electronic money or provide payment services; the variation 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