Payment Services Regulations 2017 · PART 3 Authorised Payment Institutions

25 Outsourcing

reg. 25 · in force: yes

Captured statutory text (L5)

25 Outsourcing

(1)An authorised payment institution must notify the FCA of its intention to enter into a contract with another person under which that other person will carry out any operational function relating to its provision of payment services (“outsourcing”).

(2)Where an authorised payment institution intends to outsource any important operational function, including the provision of an information technology system, all of the following conditions must be met—

(a)the outsourcing is not undertaken in such a way as to impair—

(i)the quality of the authorised payment institution's internal control; or

(ii)the ability of the FCA to monitor and retrace the authorised payment institution's compliance with these Regulations;

(b)the outsourcing does not result in any delegation by the senior management of the authorised payment institution of responsibility for complying with the requirements imposed by or under these Regulations;

(c)the relationship and obligations of the authorised payment institution towards its payment service users under these Regulations is not substantially altered;

(d)compliance with the conditions which the authorised payment institution must observe in order to be authorised and remain so is not adversely affected; and

(e)none of the conditions of the payment institution's authorisation requires removal or variation.

(3)For the purposes of paragraph (2), an operational function is important if a defect or failure in its performance would materially impair—

(a)compliance by the authorised payment institution with these Regulations and any requirements of its authorisation;

(b)the financial performance of the authorised payment institution; or

(c)the soundness or continuity of the authorised payment institution's payment services.

(4)An authorised payment institution must notify the FCA without undue delay of any change in outsourced functions or the persons to which functions are outsourced.

Full captured verbatim text

(1) An authorised payment institution must notify the FCA of its intention to enter into a contract with another person under which that other person will carry out any operational function relating to its provision of payment services (“outsourcing”).

(2) Where an authorised payment institution intends to outsource any important operational function, including the provision of an information technology system, all of the following conditions must be met—

(a) the outsourcing is not undertaken in such a way as to impair—

(i) the quality of the authorised payment institution's internal control; or

(ii) the ability of the FCA to monitor and retrace the authorised payment institution's compliance with these Regulations;

(b) the outsourcing does not result in any delegation by the senior management of the authorised payment institution of responsibility for complying with the requirements imposed by or under these Regulations;

(c) the relationship and obligations of the authorised payment institution towards its payment service users under these Regulations is not substantially altered;

(d) compliance with the conditions which the authorised payment institution must observe in order to be authorised and remain so is not adversely affected; and

(e) none of the conditions of the payment institution's authorisation requires removal or variation.

(3) For the purposes of paragraph (2), an operational function is important if a defect or failure in its performance would materially impair—

(a) compliance by the authorised payment institution with these Regulations and any requirements of its authorisation;

(b) the financial performance of the authorised payment institution; or

(c) the soundness or continuity of the authorised payment institution's payment services.

(4) An authorised payment institution must notify the FCA without undue delay of any change in outsourced functions or the persons to which functions are outsourced.

What this provision means

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Referred to by

cross-reference internal_cite · reg. 1

cross-reference internal_cite · reg. 153

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Instrument tier unavailable

Change history as published

Regs. 26-30 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 31 (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1) · repeated 5×

Reg. 119 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 54 (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Regulations revoked (14.12.2023 for the revocation of reg. 158) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xix)

Sch. 6 para. 6 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 72(4) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Sch. 7 para. 3 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 73(7) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Pending effects amendments not yet applied to this text

reg. 14(5)(e) revoked by Sanctions and Anti-Money Laundering Act 2018 Sch. 3 para. 9 · Effective date unknown · reg. 14

Sch. 5 para. 1(13) omitted by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 reg. 196 · Effective date unknown · Sch. 5 para. 1

Regulations power to amend conferred by Financial Services Act 2021 s. 23 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:uksi/2017/752
Part: PART 3 Authorised Payment Institutions
Version: 78e446ee17a6c3ad12284e9e…
Content hash: sha256 46afd58eff267a78a417cd4c…
Source: legislation.gov.uk/uksi/2017/752