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The Payment Services Regulations 2017

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Exemption for certain bodies

This section has no associated Explanatory Memorandum

3.—(1) Subject to paragraph (2) and regulation 4(1)(f), these Regulations do not apply to the following persons—

(a)credit unions;

(b)municipal banks; and

(c)the National Savings Bank.

(2) Where municipal banks provide or propose to provide payment services they must give notice to the FCA.

(3) In this regulation—

“credit union” means a credit union within the meaning of—

(a)

the Credit Unions Act 1979(1);

(b)

the Credit Unions (Northern Ireland) Order 1985(2);

“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)(3).

(1)

1979 c.34. The definition of “credit union” in section 31(1) was substituted by paragraph 16 of Schedule 4 to the Co-operative and Community Benefit Societies Act 2014 (c. 14).

(3)

1987 c. 22. The Act was repealed from 1st December 2001 by S.I. 2001/3649.

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