Section 23(6)

Where the authorised payment institution continues to hold the relevant funds at the end of the business day following the day on which they were received it must— place them in a separate account that it holds with an authorised credit institution or the Bank of England; or invest the relevant funds in such secure, liquid assets as the FCA may approve (“relevant assets”) and place those assets in a separate account with an authorised custodian.

← 5 · All articles · 7 →

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