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SYSC 9.2 Credit institutions providing account information services or payment initiation services

SYSC 9.2.1RRP
SYSC 9.2.2RRP

A UK firm must keep the records required by SYSC 9.2.1R in respect of account information services and payment initiation services provided anywhere in the EEA. The records must make clear in which EEA State those services were provided.

SYSC 9.2.3RRP

An EEA firm must keep the records required by SYSC 9.2.1R in respect of account information services and payment initiation services provided in the UK.

SYSC 9.2.4RRP

The records required by SYSC 9.2.1R must be sufficient to enable the credit institution to provide to the FCA, upon request, the following information:

  1. (1)

    The number of different payment accounts that the credit institution has accessed for the purposes of providing account information services.

  2. (2)

    The number of payment service users who have used the account information services provided by the credit institution.

  3. (3)

    The number of different payment accounts that the credit institution has accessed for the purposes of providing payment initiation services.

  4. (4)

    The number of payment transactions the credit institution has initiated when providing payment initiation services.

SYSC 9.2.5RRP

The records required by SYSC 9.2.1R must be sufficient to enable the credit institution to provide the FCA with the information specified in SYSC 9.2.4R for each calendar year in the previous five years, except that there is no requirement to record this information for any period prior to 13 January 2018.

SYSC 9.2.6RRP
  1. (1)

    When keeping records in accordance with SYSC 9.2.4R (1) and (3), credit institutions should count each individual payment account once, even where it has been accessed multiple times.

  2. (2)

    When keeping records in accordance with SYSC 9.2.4R (2), credit institutions should count each customer once (including where the customer has used the account information services multiple times).

SYSC 9.2.7GRP

Credit institutions providing account information services and payment initiation services are also required to notify the FCA in accordance with SUP 15.8.12R.