Textual Amendments
F1Pt. 8B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 1
(1)This section defines “current account”, “relevant current account”, “relevant personal current account” and “relevant current account provider” for the purposes of this Part.
(2)“Current account” means an account by means of which one or more named persons are able to—
(a)place cash,
(b)withdraw cash, and
(c)execute and receive payment transactions to and from third parties, including the execution of credit transfers.
(3)For the purposes of subsection (2)(c), “payment transaction” means an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and payee.
(4)A “relevant personal current account” means a relevant current account held by one or more individuals for purposes outside any business, trade, craft or profession of that individual or those individuals.
(5)“Relevant current account provider” means a person—
(a)who has a Part 4A permission to accept deposits, and
(b)who provides current accounts in reliance on that permission (“relevant current accounts”).
(6)But the following are not relevant current account providers—
(a)credit unions, within the meaning given by section 31(1) of the Credit Unions Act 1979 or Article 2(2) of the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205)(N.I.12);
(b)a society that is registered within the meaning of the Friendly Societies Act 1974 (see section 111(1) of that Act) or incorporated under the Friendly Societies Act 1992.
(7)The Treasury may by regulations—
(a)amend a definition in this section;
(b)amend any other provision of this Part in consequence of provision made under paragraph (a).]