(1) The FCA 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 (9) is not met.
(2) The application must comply with the requirements of, and any requirements imposed under, regulations 5 (application for authorisation) and 20 (duty to notify changes).
(3) The applicant must immediately before the time of authorisation hold the amount of initial capital specified in Part 1 of Schedule 3 (capital requirements).
(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 carries on, or will carry on, at least part of its payment service business in the United Kingdom.
(6) The applicant must satisfy the FCA that, taking into account the need to ensure the sound and prudent conduct of the affairs of the institution, it has -
(a) r
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