CH23110 | Information & Inspection Powers: Information notices: Financial Institution Notice: Definition of Financial Institutions

Financial Institutions include all banks and building societies so in most cases, it will be very clear whether the intended recipient of the FIN is a Financial Institution.

A Financial Institution is defined by reference to the Common Reporting Standard (CRS) definition. There are four categories of financial institution included in the definition

Custodial institution – see IEIM400640

Depository Institution – see IEIM400740. Some Electronic Money Institutions will not be Depository Institutions (see IEIM400750).

Investment entity – see IEIM400760. A financial institution that is only treated as such because it is an investment entity is not a financial institution for the purposes of the FIN.

Specified Insurance entity – see IEIM400840

The definition of a ‘Financial Institution’ also includes ‘any person that issues a credit card’. A credit card issuer is either a Financial Institution or financial services company that provides a credit card directly to the end user. A credit card issuer is directly responsible for the relationship between the cardholder and their accounts. A credit card issuer is not to be confused with the Payment Network that supports the card, such as MasterCard, VISA and certain E-Money businesses.

(This content has been withheld because of exemptions in the Freedom of Information Act 2000)

FA08/SCH36/PARA61ZA