Section 22(1)

An authorised payment institution must maintain at all times own funds equal to or in excess of the greater of— the amount of initial capital specified in Part 1 of Schedule 3 (capital requirements), or in the case of an authorised payment institution which does not fall within paragraph (2), the amount of own funds calculated in accordance with Part 2 of Schedule 3.

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