PART 2Registration
Authorisation as a payment institution
Imposition of requirements7.
(1)
The FCA may include in an authorisation such requirements as it considers appropriate.
(2)
A requirement may, in particular, be imposed so as to require the person concerned to—
(a)
take a specified action;
(b)
refrain from taking a specified action.
(3)
A requirement may be imposed by reference to the person's relationship with its group or other members of its group.
(4)
Where—
(a)
an applicant for authorisation as a payment institution intends to carry on business activities other than the provision of payment services; and
(b)
the FCA considers that the carrying on of such other business activities will impair, or is likely to impair—
(i)
the financial soundness of the applicant, or
(ii)
the FCA's effective supervision of the applicant,
the FCA may require the applicant to establish a separate body corporate to carry on the payment service business.
(5)
A requirement expires at the end of such period as the FCA may specify in the authorisation.
(6)
Paragraph (5) does not affect the FCA's powers under regulation 8 or 12 (variation of authorisation).