Section 22(2)

An authorised payment institution falls within this paragraph if— it does not offer payment services specified in paragraph 1(a) to (f) of Schedule 1 (payment services other than payment initiation services or account information services); or it is included in the consolidated supervision of a parent credit institution in accordance with the capital requirements regulation and CRR rules (as defined in section 144A of the 2000 Act); and all of the conditions specified in Article 7(1) of the capital requirements regulation are met in respect of it.

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