Find out what the agency model looks like for authorised payment institutions or small payment institutions who are providing payment services under the PSRs 2017.
Definition of 'agent' under the PSR 2017
An 'agent' under the PSRs means a person who acts on behalf of an authorised payment institution or a small payment institution when providing payment services. If you, as a payment institution, are using agents, there are certain requirements you must meet under the PSRs. The requirements are:
- You are responsible for whatever services your agent does and doesn't provides to consumers.
- You must have the correct level of professional indemnity insurance to cover your services as well as your agents.
- The agreement to provide AIS or PIS is between you and the consumer. It must make clear that the agent is providing AIS or PIS on your behalf.
- You must get explicit consent from the consumer to access their accounts to provide AIS
Technical service providers
A 'technical service provider' (TSP) is a business that obtains and processes payment account information to support an authorised or registered account information service provider. It does not provide the information to the user itself. This is defined in PERG Q25A.
There is no direct relationship between the technical service provider and the consumer. If the TSP accesses the consumer's account to retrieve data, but does not provide AIS to that consumer, they don't need to be authorised or registered by the Financial Conduct Authority.