Section 7(4)

Where— the FCA may require the applicant to establish a separate body corporate to carry on the payment service business. an applicant for authorisation as a payment institution intends to carry on business activities other than the provision of payment services; and the FCA considers that the carrying on of such other business activities will impair, or is likely to impair— the financial soundness of the applicant, or the FCA's effective supervision of the applicant,

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