The Payment Services Regulations 2017

Exemption for certain bodies U.K.

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 M1 ;

(b)

the Credit Unions (Northern Ireland) Order 1985 M2 ;

“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) M3 .

Marginal Citations

M1 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).

M2 S.I. 1985/1205 (N.I. 12).

M3 1987 c. 22. The Act was repealed from 1st December 2001 by S.I. 2001/3649.