Section 23(12)

The authorised payment institution must ensure that— any relevant funds are covered by— an insurance policy with an authorised insurer; a comparable guarantee given by an authorised insurer; or a comparable guarantee given by an authorised credit institution; and the proceeds of any such insurance policy or guarantee are payable upon an insolvency event into a separate account held by the authorised payment institution which must— be designated in such a way as to show that it is an account which is held for the purpose of safeguarding relevant funds in accordance with this regulation; and be used only for holding such proceeds , or for holding those proceeds together with funds or assets held in accordance with paragraph (7).

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