(1) This section defines "current account", "relevant current account", "relevant personal current account" and "relevant current account provider" for the purposes of this Part.
(2) "Current account" means an account by means of which one or more named persons are able to - (a) place cash, (b) withdraw cash, and (c) execute and receive payment transactions to and from third parties, including the execution of credit transfers.
(3) For the purposes of subsection (2)(c), "payment transaction" means an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and payee.
(4) A "relevant personal current account" means a relevant current account held by one or more individuals for purposes outside any business, trade, craft or profession of that individual or those individuals.
(5) "Relevant current account provider" means a person - (a) who has a Part 4A permission
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