Section 125(3)

“Relevant institution”, in the definition of “group institution”, means an institution which— if authorised by the PRA or FCA, is not a mortgage credit institution within the meaning given in Chapter 1; and if set up in a country other than the United Kingdom, does not meet criteria which are equivalent in that country to the criteria set out in article 121(2).

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