PART 1Introductory provisions

Exemption for certain bodies3

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—

    1. a

      the Credit Unions Act 1979 M1;

    2. 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.