PART 4Provisions Applicable to Authorised Payment Institutions and Small Payment Institutions
Use of agents34
1
Authorised payment institutions F1, small payment institutions and registered account information service providers may not provide payment services in the United Kingdom through an agent unless the agent is included on the register.
F82
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3
An application for an agent to be included on the register must—
a
contain, or be accompanied by, the following information—
i
the name and address of the agent;
ii
iii
the identity of the directors and persons responsible for the management of the agent and, if the agent is not a payment service provider, evidence that they are fit and proper persons;
iv
the payment services for which the agent is appointed;
v
the unique identification code or number of the agent, if any; and
vi
such other information as the FCA may reasonably require; and
b
be made in such manner as the FCA may direct.
4
Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.
5
At any time after receiving an application and before determining it, the FCA may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application.
F106
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7
The FCA may refuse to include the agent on the register only if—
a
it has not received the information referred to in paragraph (3)(a), or is not satisfied that such information is correct;
b
it is not satisfied that the directors and persons responsible for the management of the agent are fit and proper persons;
c
it has reasonable grounds to suspect that, in connection with the provision of services through the agent—
i
money laundering or terrorist financing within the meaning of the F11Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 is taking place, has taken place, or has been attempted; or
ii
the risk of such activities taking place would be increased.
8
If the FCA proposes to refuse to include the agent on the register, it must give the authorised payment institution F2, the small payment institution or the registered account information service provider, as the case may be, a warning notice.
9
The FCA must, having considered any representations made in response to the warning notice—
a
if it decides not to include the agent on the register, give the applicant a decision notice; or
b
if it decides to include the agent on the register, give the applicant notice of its decision, stating the date on which the registration takes effect.
F1210
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F1311
The FCA must give any notice required by paragraph (9) within a period of two months beginning on the date on which the FCA received the completed application.
12
If the FCA decides not to include the agent on the register the applicant may refer the matter to the Upper Tribunal.
13
If the FCA decides to include the agent on the register, it must update the register as soon as practicable.
F1414
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15
An application under paragraph (3) may be combined with an application under regulation 5 F3, 13 or 17, in which case the application must be determined in the manner set out in regulation 9 (determination of application for authorisation) (if relevant, as applied by regulation 15 F4or 19 (supplementary provisions relating to applications for registration as a small payment institution F5or account information service provider).
16
An authorised payment institution F6, a small payment institution or a registered account information service provider must ensure that agents acting on its behalf inform payment service users of the agency arrangement.
17
An authorised payment institution F7, a small payment institution or a registered account information service provider must notify the FCA without undue delay if there is any change in the information provided under paragraph (3) or (5).