approved bank

  1. (1) (except in COLL and CASS 15) (in relation to a bank account opened by a firm):
    1. (a) if the account is opened at a branch in the United Kingdom:
      1. (i) the Bank of England; or
      2. (ii) the central bank of a member state of the OECD; or
      3. (iii) a bank; or
      4. (iv) a building society; or
      5. (v) a bank which is supervised by the central bank or other banking regulator of a member state of the OECD; or
    2. (b) if the account is opened elsewhere:
      1. (i) a bank in (a); or
      2. (ii) [deleted]
      3. (iii) a bank which is regulated in the Isle of Man or the Channel Islands; or
    3. (c) a bank supervised by the South African Reserve Bank; or
    4. (d) any other bank that:
      1. (i) is subject to regulation by a national banking regulator;
      2. (ii) is required to provide audited accounts;
      3. (iii) has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has a surplus revenue over expenditure for the last two financial years; and
      4. (iv) has an annual audit report which is not materially qualified.
  2. (2) (in COLL) any person falling within (a-c) and a credit institution established in an EEA State and duly authorised by the relevant Home State regulator.

  3. (3) (in CASS 15) (in accordance with the definition of ‘authorised credit institution’ in regulation 21(7) and (8) of the Electronic Money Regulations and regulation 23(18) and (19) of the Payment Services Regulations):

  4.     (a) a person authorised for the purposes of the Act to carry on the activity of accepting deposits;

  5.     (b) the central bank of a state that is a member of the OECD (‘an OECD state’);

  6.     (c) a credit institution that is supervised by the central bank or other banking regulator of an OECD state; or

  7.     (d) a credit institution that:

  8.         (i) is subject to regulation by the banking regulator of a state that is not an OECD state;

  9.         (ii) is required by the law of the country or territory in which it is based to provide audited accounts;

  10.         (iii) has minimum net assets of £5m (or its equivalent in any other currency at the relevant time);

  11.         (iv) has a surplus of revenue over expenditure for the last 2 financial years; and

  12.         (v) has an annual report which is not materially qualified,

  13.      that is not part of the same group as the safeguarding institution.

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