Schedule 8: Cash access services Part 1 – New Part 8B of FSMA 2000 Section 131O: Current accounts and relevant current account providers
This section defines "current account", "relevant current account", "relevant personal current account," and "relevant current account provider" for the purposes of this Part. These definitions are used in other parts of the legislation, for example, to specify the types of accounts that are within scope of the definition of cash access services and free cash access services (see section 131N) under this Part and the type of firm that HM Treasury may designate (see 131R).
	Subsection (2) describes the type of account that is intended to be within scope of this Part. It defines "current account" as an account by means of which one or more named persons are able to place cash, withdraw cash, and execute and receive "payment transactions" to and from third parties including execution of credit transfers. This is to cover the types of account by which customers facilitate their day-to-day transactions in cash. Subsection (3) defines "payment transaction" as an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds.
	Subsection (3A) defines a "relevant personal current account" as an account held by one or more individuals for purposes outside any business, trade, craft or profession of that individual or those individuals. This is intended to limit provisions relating to free cash access services to accounts provided for personal use.
	Subsections (4) and (5) define a "relevant current account provider" and "relevant current account". "Relevant current accounts" are current accounts provided by legal persons in reliance on a Part 4A permission under FSMA 2000. "Relevant current account providers" are the legal persons that provide such accounts, subject to the exemptions in subsection (5). These are banks and building societies, and are the entities potentially in scope of new Part 8B (subject to the designation process set out in section 131R). Subsection (5) lists persons that are not "relevant current account providers" for the purposes of this Part. These are credit unions (as defined in the Credit Unions Act 1979 or Credit Unions (Northern Ireland) Order 1985); societies that are registered under Friendly Societies Act 1974 or incorporated under the Friendly Societies Act 1992.
	Subsection (6) permits HM Treasury to amend the definitions of this Part and any other related provisions of this Part.