(1) The FCA may refuse to register an applicant as an account information service provider if -
(a) any of the conditions set out in paragraphs (2) to (4) is not met; or
(b) any of the grounds in regulation 10(1) (as applied by regulation 19) would be met if the applicant were registered.
(2) The application must comply with the requirements of, and any requirements imposed under, regulations 17 (application for registration as an account information service provider) and 20 (duty to notify changes).
(3) The business to which the application relates must not include the provision of any payment service other than account information services.
(4) The applicant must hold professional indemnity insurance or a comparable guarantee, which covers -
(a) the territories in which the applicant proposes to offer account information services; and
(b) the applicant's potential liability to account servicing payment service providers and payment service users resulting from unauthorised or fraudul
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