Section 22(1)

An electronic money institution must ensure that— any relevant funds are covered by— an insurance policy with an authorised insurer; a comparable guarantee from an authorised insurer; or a comparable guarantee from an authorised credit institution; and the proceeds of any such insurance policy or guarantee are payable upon an insolvency event into a separate account held by the electronic money institution which must— be designated in such a way as to show that it is an account which is held for the purpose of safeguarding relevant funds in accordance with this regulation; and be used only for holding such proceeds , or for holding those proceeds together with funds or assets held in accordance with regulation 21(3).

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