Paragraph 2 Types of person to whom an eligibility verification notice can be givenF1

(1)

The types of persons referred to in paragraph 1(1) are persons—

(a)

to whom sub-paragraph (2) applies, or

(b)

who are described in regulations.

(2)

This sub-paragraph applies to persons who—

(a)

are authorised—

(i)

to accept deposits, or

(ii)

to issue electronic money, and

(b)

in the course of that activity, provide relevant accounts into which a relevant benefit may be paid.

(3)

Regulations under sub-paragraph (1)(b) may describe only types of person who provide accounts which are, or correspond to, relevant accounts (including accounts that operate by reference to cryptoassets or any similar asset).

(4)

In sub-paragraph (3), “cryptoasset” has the meaning given in section 84A of the Proceeds of Crime Act 2002.

(5)

For the purposes of sub-paragraph (2)(a)(i) —

(a)

the reference to accepting deposits is to carrying on the regulated activity of accepting deposits for the purposes of the Financial Services and Markets Act 2000 (see section 22 of that Act and article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)), and

(b)

a person is authorised to accept deposits if they are an authorised person or an exempt person in relation to the carrying on of that activity for the purposes of the Financial Services and Markets Act 2000.

(6)

For the purposes of sub-paragraph (2)(a)(ii), a person is authorised to issue electronic money if the person—

(a)

is an electronic money institution, and

(b)

the person is authorised or registered under Part 2 of the Electronic Money Regulations 2011 (S.I. 2011/99) in relation to carrying on the activity of issuing electronic money.

(7)

In this paragraph, “electronic money” and “electronic money institution” have the meanings given by regulation 2(1) of those Regulations (and references to the issue of electronic money are to be construed in accordance with those Regulations).

Annotations

Textual amendments

F1: Sch. 3B inserted (2.12.2025 but only for the purposes of making regulations, 2.2.2026 in so far as not already in force) by Public Authorities (Fraud, Error and Recovery) Act 2025 (c. 28), s. 109(2)(b), Sch. 3 Pt. 1 (with s. 105); S.I. 2025/1265, reg. 2(2)(c)