Section 138(3)

A payment service is specified as one that may be provided by a credit institution under paragraph (1)(ea) only to the extent that the credit institution was providing the service in the United Kingdom immediately before IP completion day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before IP completion day and the service is necessary as specified in paragraph (4).

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