Section 138(6)

A payment service is specified as one that may be provided by a relevant electronic money institution under paragraph (1)(fa) only to the extent that— the relevant electronic money 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 article 3(1) of Directive 2009/110/EC as in force immediately before IP completion day; and the services are necessary for the performance of a contract entered into before IP completion day and provided for the purposes of performing such a contract.

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