This section has no associated Explanatory Memorandum
8.—(1) “Method A” means the calculation method set out in this paragraph.
(2) The own funds requirement is 10% of the authorised payment institution’s fixed overheads for the preceding financial year.
(3) If a material change has occurred in an authorised payment institution’s business since the preceding financial year, the FCA may direct that the own funds requirement is to be a higher or lower amount than that calculated in accordance with sub-paragraph (2).