Paragraph 20 AccountsF1

(1)

In this Schedule “relevant account” means a personal account which operates as—

(a)

a current account,

(b)

a savings account, or

(c)

an investment account,

including such an account which operates by reference to electronic money.

(2)

For the purposes of sub-paragraph (1)—

(a)

“personal account” means an account held by one or more individuals other than an account that is provided for purposes relating to a trade, business or profession;

(b)

a current account includes any account—

(i)

in which individuals can hold, and from which individuals can withdraw, money, and

(ii)

which is designed to allow the holder’s money to be used for executing transactions with third parties,

but does not include credit card accounts or current account mortgages;

(c)

“electronic money” has the meaning it has in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2(1)).

(3)

In this Schedule a reference to a person holding an account includes a reference to—

(a)

a person holding an account jointly with one or more other persons, and

(b)

an account being, in any way, in the person’s name,

and “holder” is to be read accordingly.

(4)

Sub-paragraphs (5) to (8) apply for the purposes of this Schedule where an eligibility verification notice is given to a body corporate (“P”).

(5)

The reference in paragraph 1(3)(a) to P providing an account includes a reference to another person in the same group as P providing an account if the condition in sub-paragraph (6) is met.

(6)

The condition is that P—

(a)

is able to identify accounts provided by the other person that are within paragraph 1(3)(b), and

(b)

is able to obtain the information about those accounts mentioned in paragraph 1(4).

(7)

For the purposes of sub-paragraph (5), two persons are in the same group if both are bodies corporate and—

(a)

one of them is a subsidiary of the other, or

(b)

both of them are subsidiaries of the same body corporate.

(8)

In sub-paragraph (7), “subsidiary” has the meaning given by section 1159 of the Companies Act 2006.

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)