Jurisdiction(s):
United Kingdom

Key definition

Authorisation definition

What does Authorisation mean? In practice, authorisation is formal permission from a competent authority to carry out a regulated activity or to handle specified assets or substances. It is usually evidenced by a licence, permit, consent or approval issued under primary or secondary legislation, typically subject to conditions, time limits and the possibility of variation or revocation. The term is descriptive and used across multiple legal contexts, with sector‑specific legislation defining when and how authorisation is required (for example, financial services authorisation, marketing authorisation for medicines, and chemicals authorisation under REACH). Radioactive substances/waste: Historically, the Radioactive Substances Act 1993 required an “authorisation”...

UK Open Banking: PSRs 2017, CMA Order, TPP authorisation, data protection and contracting, enforcement, governance reforms and variable recurring payments

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note explains open banking and relevant legal and commercial issues. It covers:

Background
The open banking standard
Third party providers and authorisation
applicable law and regulations
Contracting for open banking
Effectiveness of implementation
Key developments

Open banking refers to deploying application programming interfaces (APIs) to aggregate data and permit third parties to access (principally) current accounts with participating banks (and related data), subject to the account holder’s consent.

A key aim of this access is to enable such third parties to design products and services for customers that are guided by the information they obtain and/or their ability, with the customer’s explicit consent, to initiate payments from in-scope accounts.

The expectation is that these offerings, together with heightened customer awareness, will stimulate competition in the UK’s retail banking market.

Open banking is closely linked to (and sometimes confused with) the Payment Services Regulations 2017, SI 2017/752 (PSRs 2017), which implemented the Payment Services Directive (EU) 2015/2366 (PSD2) prior to the UK’s decision to leave the EU...

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Web page updated on 22/05/2026

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