(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
…