Section 13(7)

The applicant must satisfy the Authority that— the directors and persons responsible for the management of its electronic money and payment services business are of good repute and possess appropriate knowledge and experience to issue electronic money and provide payment services; it has a business plan (including for the first three years, a forecast budget calculation) under which appropriate and proportionate systems, resources and procedures will be employed by the institution to operate soundly; and it has taken adequate measures for the purpose of safeguarding electronic money holders' funds in accordance with regulation 20.

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