Section 3

Subject to paragraph (2) and regulation 4(1)(f), these Regulations do not apply to the following persons— credit unions; municipal banks; and the National Savings Bank. Where municipal banks provide or propose to provide payment services they must give notice to the FCA. In this regulation— “credit union” means a credit union within the meaning of— the Credit Unions Act 1979 ; the Credit Unions (Northern Ireland) Order 1985 ; “municipal bank” means a company which, immediately before 1st December 2001, fell within the definition of a municipal bank in section 103 of the Banking Act 1987 (municipal banks) .

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