What authorization do you need?

We have helped many businesses achieve their goals and have developed considerable expertise in assisting firms requiring FCA / PRA authorisation and / or registration with HMRC. In particular, we have developed preeminent expertise in assisting clients with applications under the Payment Services Regulations (PSRs) or the Electronic Money Regulations (EMRs).

Wading through these regulations can often be lengthy, turgid work. We are here to cut through that and make things as simple as possible for you.

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Summary of Authorisation Conditions

  • Initial capital requirement

    Initial capital requirement

  • Must be a body corporate

    Must be a body corporate

  • Its services, at least in part, must carry on in the UK

    Its services, at least in part, must carry on in the UK

  • Must satisfy the FCA it has robust governance arrangements, effective risk exposure procedures and adequate internal control mechanisms

    Must satisfy the FCA it has robust governance arrangements, effective risk exposure procedures and adequate internal control mechanisms

  • Any persons with a qualifying holding must be fit and proper and of good repute / management must not have been convicted of financial crime

    Any persons with a qualifying holding must be fit and proper and of good repute / management must not have been convicted of financial crime

  • A sound three-year business plan, including forecast budget calculation

    A sound three-year business plan, including forecast budget calculation

  • It has adequate safeguarding measures in place

    It has adequate safeguarding measures in place

  • Business can include Payment Initiation Services / Account Information Services, and if so, appropriate Professional Indemnity must be held

    Business can include Payment Initiation Services / Account Information Services, and if so, appropriate Professional Indemnity must be held

  • Total business activities immediately before registration must not generate outstanding electronic money exceeding 5,000,000 Euros

    Total business activities immediately before registration must not generate outstanding electronic money exceeding 5,000,000 Euros

  • Monthly average of the 12 preceding months transactions must not exceed 3m Euros

    Monthly average of the 12 preceding months transactions must not exceed 3m Euros

  • Close links with another are not going to prevent FCA effective supervision

    Close links with another are not going to prevent FCA effective supervision

  • Compliance with the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017

    Compliance with the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017
Authorised Payment Institution
$20 / month

  • Initial capital requirement

    Up to 125,000 Euros

  • Must be a body corporate

    ✅

  • Its services, at least in part, must carry on in the UK

    ✅

  • Must satisfy the FCA it has robust governance arrangements, effective risk exposure procedures and adequate internal control mechanisms

    ✅

  • Any persons with a qualifying holding must be fit and proper and of good repute / management must not have been convicted of financial crime

    ✅

  • A sound three-year business plan, including forecast budget calculation

    ✅

  • It has adequate safeguarding measures in place

    ✅

  • Business can include Payment Initiation Services / Account Information Services, and if so, appropriate Professional Indemnity must be held

    ✅

  • Total business activities immediately before registration must not generate outstanding electronic money exceeding 5,000,000 Euros

    ❌

  • Monthly average of the 12 preceding months transactions must not exceed 3m Euros

    ❌

  • Close links with another are not going to prevent FCA effective supervision

    ✅

  • Compliance with the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017

    ✅
Small Payment Institution
$50 / month

  • Initial capital requirement

    No initial capital requirement

  • Must be a body corporate

    May be a partnership or an unincorporated association

  • Its services, at least in part, must carry on in the UK

    ✅

  • Must satisfy the FCA it has robust governance arrangements, effective risk exposure procedures and adequate internal control mechanisms

    ✅

  • Any persons with a qualifying holding must be fit and proper and of good repute / management must not have been convicted of financial crime

    ✅

  • A sound three-year business plan, including forecast budget calculation

    Good Practice

  • It has adequate safeguarding measures in place

    You can choose to safeguard

  • Business can include Payment Initiation Services / Account Information Services, and if so, appropriate Professional Indemnity must be held

    ❌

  • Total business activities immediately before registration must not generate outstanding electronic money exceeding 5,000,000 Euros

    ❌

  • Monthly average of the 12 preceding months transactions must not exceed 3m Euros

    ✅

  • Close links with another are not going to prevent FCA effective supervision

    ✅

  • Compliance with the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017

    ✅
Authorised Electronic Money Institution
$60 / month

  • Initial capital requirement

    350,000 Euros

  • Must be a body corporate

    ✅

  • Its services, at least in part, must carry on in the UK

    ✅

  • Must satisfy the FCA it has robust governance arrangements, effective risk exposure procedures and adequate internal control mechanisms

    ✅

  • Any persons with a qualifying holding must be fit and proper and of good repute / management must not have been convicted of financial crime

    ✅

  • A sound three-year business plan, including forecast budget calculation

    ✅

  • It has adequate safeguarding measures in place

    ✅

  • Business can include Payment Initiation Services / Account Information Services, and if so, appropriate Professional Indemnity must be held

    ❌

  • Total business activities immediately before registration must not generate outstanding electronic money exceeding 5,000,000 Euros

    ❌

  • Monthly average of the 12 preceding months transactions must not exceed 3m Euros

    ❌

  • Close links with another are not going to prevent FCA effective supervision

    ✅

  • Compliance with the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017

    ✅
Small Electronic Money Institution

  • Initial capital requirement

    If the activities generate average outstanding electronic money of 500,000 euro or more, it must hold at least equal to 2% of that amount.

  • Must be a body corporate

    ✅

  • Its services, at least in part, must carry on in the UK

    ✅

  • Must satisfy the FCA it has robust governance arrangements, effective risk exposure procedures and adequate internal control mechanisms

    ✅

  • Any persons with a qualifying holding must be fit and proper and of good repute / management must not have been convicted of financial crime

    ✅

  • A sound three-year business plan, including forecast budget calculation

    ✅

  • It has adequate safeguarding measures in place

    ✅

  • Business can include Payment Initiation Services / Account Information Services, and if so, appropriate Professional Indemnity must be held

    ❌

  • Total business activities immediately before registration must not generate outstanding electronic money exceeding 5,000,000 Euros

    ✅

  • Monthly average of the 12 preceding months transactions must not exceed 3m Euros

    ✅

  • Close links with another are not going to prevent FCA effective supervision

    ✅

  • Compliance with the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017

    ✅

What Documents do you need?

There are multiple documents your business is likely to need, depending on the authorization you require, including a:

  • business plan and detailed budget forecast;
  • risk assessment and resulting AML policy;
  • security policy;
  • safeguarding policy… and many more.

All of which will need to be tailored to your specific business, what it does, and the potential risks it may face.

What Systems do you need?

Your workforce is key but just as important are the systems you use to build your business.  Ensuring you have the right system’s package in place will not only help you streamline your business by increasing its efficiency, but it can also have hard stops built in to protect your business in certain situations.  We have developed relationships with leading systems developers, meaning you can be confident you have chosen the best platform in the market for your requirements.

How are you going to remain compliant?

Whether authorized by the FCA or supervised by HMRC, obtaining permission to begin your business is just the start.  Your staff will not only have to have read all your internal policy documents and ensured they have understood them all, but they will also need to have completed training in specific areas, whether that’s human resources or AML.  If they haven’t, and it’s not documented, then you won’t know that they have done what is necessary and that could leave your business exposed to regulatory intervention.  This is also required for third-party contractors, particularly in the financial sector.  Moreover, remaining compliant is an ongoing obligation and, given the law is constantly evolving, this means regular training is imperative to ensure not only are your staff and contractors up to date, but this will also need to be reflected in your systems, meaning your business is given the best possible protection against action by your regulator.

We have developed strategic partnerships with some of the best-accredited trainers in the country to bring our clients top-quality training, meaning with us they can not only Get Regulated but, importantly, stay that way.