Section 6(6)

The applicant must satisfy the FCA that, taking into account the need to ensure the sound and prudent conduct of the affairs of the institution, it has— which are comprehensive and proportionate to the nature, scale and complexity of the payment services to be provided by the institution. robust governance arrangements for its payment service business, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility; effective procedures to identify, manage, monitor and report any risks to which it might be exposed; adequate internal control mechanisms, including sound administrative, risk management and accounting procedures,

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