Section 25(3)

For the purposes of paragraph (2), an operational function is important if a defect or failure in its performance would materially impair— compliance by the authorised payment institution with these Regulations and any requirements of its authorisation; the financial performance of the authorised payment institution; or the soundness or continuity of the authorised payment institution's payment services.

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