Section 23(14)

Subject to paragraph (15), where there is an insolvency event (except payment institution special administration)— the claims of payment service users are to be paid from the asset pool in priority to all other creditors; and until all the claims of payment service users have been paid, no right of set-off or security right may be exercised in respect of the asset pool except to the extent that the right of set-off relates to fees and expenses in relation to operating an account held in accordance with paragraph (6)(a) or (b), (9) or (12)(b).

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