Approval of a payments distributor
13.—(1) An application to the DAS administrator for approval as a payments distributor shall be in form 2.
(2) The DAS administrator shall approve an application under paragraph (1) if satisfied that the applicant is a fit and proper person or body to be a payments distributor.
(3) Without prejudice to the generality of paragraph (2), an applicant shall not be a fit and proper person if the person or body does not satisfy the criteria specified in Schedule 5.
(4) The DAS administrator may make approval under paragraph (2) subject to any reasonable condition.
(5) Approval as a payments distributor shall be for a period of 3 years, and may be renewed by a further application for approval made no later than 6 months before the end of an initial or a renewed period, as the case may be.