Schedule 3A, paragraph 2

Section 233 of the Banking Act 2009 (insolvency regulations) applies as if— references to investment bank insolvency regulations were to payment institution insolvency regulations; references to investment banks were to authorised payment institutions and small payment institutions; references to client assets were to relevant funds; in subsection (3)(c), the reference to clients were to payment service users; and in subsection (4)— references to assets included references to money; and in paragraph (b), for “those which an institution undertook to hold for clients” there were substituted “relevant funds”.

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