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If you wish to become authorised by the FCA or to vary your permissions to include payment services, it can be a time-consuming and daunting process. This applies if you provide payment services (as defined in the Payment Service Regulations 2017) as a regular occupation or business activity in the UK.
There are different types of registrations or authorisations routes you can take if you wish to be a regulated payment services provider. There are 2 main types of financial institutions – an Authorised Electronic Money Institution (EMI) and an Authorised Payment Institution (PI). For each type, there is a “small license” – Small Electronic Money Institution (EMI) license and Small Payment Institution (PI) license.
This means you can either become an authorised PI, a small PI or a registered account information service provider (RAISP). This may encompass a route of:
The FCA is keen for any payment entrants to ensure they can address their compliance issues, safeguard customer funds, and robust AML frameworks amongst others before authorisation can be granted.
It is an FCA requirement that firms seeking authorisation to operate as a Payment Service Provider (PSP) must be able to show evidence of robust IT security policies and procedures as well as a detailed risk assessment. It is also critical to show that all FCA compliance requirements have been met.
Key considerations you must consider for your firm include:
Our specialist team has the experience and expertise to help you. Our offering includes a regulatory business plan, a suite of compliance policies and procedures, and an IT security risk assessment. We can provide template documents and work with you to tailor these to your specific circumstances. We can also carry out a gap analysis on your current policies and procedures – and help you address any action points identified.
We will also assist you in ensuring that you are complying with your anti-money-laundering requirements. In particular, we assist with risk assessments and compliance regimes including Knowing Your Client (KYC) .
As an FCA authorised person or firm, you might need help to ensure you comply with the FCA’s rules.
We provide our clients with support they need to maintain compliance and avoid breaching the rules. Our bespoke service is individually tailored to each of our client’s requirements and objectives to help them meet in the best way possible.
Whether you need documentation to help you remain compliant, want ongoing advice or support, impartial monitoring of your activities or anything else, MEMA may be able to help.
MEMA has been supporting firms through the FCA compliance process since 2019. In that time, we have helped hundreds of businesses to successfully gain and retain FCA authorisation.
We have a unique blend of experience from ex-regulators, big 4 consultants and fin/regtech specialisation. Our team is highly experienced and expertly skilled. We specialise in providing our clients with solutions to often complex regulatory requirements and compliance needs.
Our unique industry insight and comfort with compliance enables our team to support you to the fullest extent possible, helping to develop your business model and compliance.