Section 32(2)

Authorised payment institutions and small payment institutions may grant credit in relation to the provision of the payment services specified in paragraph 1(d) or (e) of Schedule 1 (execution of payment transactions where funds are covered by a credit line, issuing payment instruments or acquiring payment transactions) only if— such credit is ancillary and granted exclusively in connection with the execution of a payment transaction; such credit is not granted from the funds received or held for the purposes of executing payment transactions; and . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in relation to an authorised payment institution, in the opinion of the FCA the institution's own funds are, and continue to be, adequate in the light of the overall amount of credit granted.

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