(1) The Authority may refuse to grant all or part of an application for authorisation as a payment institution only if any of the conditions set out in paragraphs (2) to (8) is not met.
(2) The application must comply with the requirements of, and any requirements imposed under, regulation 5.
(3) The applicant must immediately before the time of authorisation hold the amount of initial capital required in accordance with Part 1 of Schedule 3.
(4) The applicant must be a body corporate constituted under the law of a part of the United Kingdom having -
(a) its head office, and
(b) if it has a registered office, that office,
in the United Kingdom.
(5) The applicant must satisfy the Authority that, taking into account the need to ensure the sound and prudent conduct of the affairs of the institution, it has -
(a) robust governance arrangements for its payment service business, including a clear organisational structure with well-defined, transparent and consistent lines of responsibil