SolvedBKM402300 | Banking surcharge: definition of banking company: financial sector condition
From HM Revenue & Customs · Banking Manual
The financial sector condition captures a company, branch or partnership that has UK regulatory permission to undertake regulated activities in the UK. This includes entities that are not commonly referred to as ‘banks’, but which provide other financial services.
The financial sector condition is met when the company or partnership is an authorised person under FSMA00/S31 that is:
a company that has permission to undertake regulated activities in the UK
anyone else that is authorised under the Act, including for example under the Temporary Permissions Regime or the Financial Services Contracts Regime
The Temporary Permissions Regime enables relevant EEA firms and funds that were passporting into the UK when the transition period ended to continue operating temporarily in the UK now that the passporting regime has fallen away.
The Financial Services Contracts Regime enables EEA firms that previously passported into the UK and that did not enter the temporary permissions regime to wind down their UK business in an orderly fashion.