Section 138(1)

A person may not provide a payment service in the United Kingdom, or purport to do so, unless the person is— an authorised payment institution; a small payment institution; a registered account information service provider; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a credit institution authorised in the United Kingdom ...; after IP completion day, a credit institution while it is an exempt person for the purposes of section 19(1)(b) of the Financial Services and Markets Act 2000 by virtue of regulation 47 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 but only in respect of a payment service specified in paragraph (3); an electronic money institution which for the purposes of the Electronic Money Regulations 2011 is— registered in the United Kingdom as an authorised electronic money institution or a small electronic money institution; ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . after IP completion day, a relevant electronic money institution while it is exempt from the prohibitions in regulation 63(1) of the Electronic Money Regulations 2011 and this regulation by virtue of paragraph 12L of Schedule 3 to the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 but only in respect of a payment service specified in paragraph (4); the Post Office Limited; the Bank of England, ... a government department or a local authority; or exempt under regulation 3 (exemption for certain bodies).

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