Payment Services & EMI
Payment institution authorised in 9 months after its application stalled
A payment institution's application had stalled after case-handler problems and the loss of key staff. MEMA got it moving again, and the firm was authorised in 9 months.
Support provided
- Strengthened the business plan, safeguarding arrangements and governance framework behind the application
- Advocated for the firm with the FCA and secured a change of case handler
- Kept the application on track through changes in senior personnel
Outcome
Full FCA authorisation as a payment institution.
Cross-sector
An outsourced compliance function for growing regulated firms
For firms without a full in-house compliance team, MEMA runs the compliance function: monthly horizon scanning, tracked actions and FCA support on call.
Support provided
- Monthly horizon-scanning packs tailored to each firm's permissions and business model
- Progress reporting that tracks compliance actions against an agreed plan
- Direct access to MEMA's team for day-to-day regulatory questions
Outcome
A compliance function that keeps pace with regulatory change, without an in-house hire.
Payment Services & EMI
A financial crime framework that satisfies the FCA and banking partners
A growing payments firm needed anti-money laundering controls that would satisfy both its banking partner and the FCA. MEMA built the risk assessment, controls and monitoring end to end.
Support provided
- Produced a business-wide risk assessment covering the firm's products, customers, channels and geographies
- Designed proportionate KYC and customer due-diligence procedures for onboarding and ongoing review
- Set up transaction monitoring and a clear route for reporting suspicious activity to the MLRO
Outcome
A financial crime framework that passed the banking partner's due diligence and held up to FCA scrutiny.
Payment Services & EMI
FCA registration for a fintech that relies on third party data providers
A fintech built on third party data and verification providers had to show the FCA exactly how its service and supply chain worked. MEMA set that out, and the firm was registered.
Support provided
- Set out the regulatory perimeter and the customer journey
- Explained the role of each third party provider in the service
- Built the control framework underpinning the application
Outcome
The firm was registered by the FCA.
Cryptoassets
Readiness scoping ahead of the UK cryptoasset regime
A cryptoasset firm wanted to know what the UK's new authorisation regime would ask of it before committing to an application. MEMA scoped the requirements against its business.
Support provided
- Scoped which parts of the incoming regime would apply to the firm's business
- Set out what the firm would need in place to meet those requirements
Outcome
A clear view of what the new regime will require, so the firm can plan its application.
Cross-border
UK perimeter scoping for an international firm entering the market
Before launching in the UK, an international firm needed to know whether its activities would need FCA authorisation. MEMA set out its UK regulatory position and what it would need in place.
Support provided
- Set out which of the firm's activities would fall within the UK regulatory perimeter
- Explained what it would need in place to operate here
Outcome
A clear view of the firm's UK regulatory position before it committed to the market.
Cross-sector
From appointed representative to its own FCA authorisation
A firm trading as an appointed representative wanted its own FCA authorisation. MEMA supported the controls it ran for its principal, then its application to be authorised directly.
Support provided
- Supported the controls the firm provided to its principal
- Supported the firm through its application for direct authorisation
Outcome
The firm moved from appointed representative status to direct FCA authorisation.
Claims Management
Consumer Duty readiness for a specialist claims firm, ahead of the deadline
A specialist claims firm did most of its work outside FCA regulation and needed to know how the Consumer Duty applied to it. MEMA mapped the Duty to its business and delivered a gap analysis before the rules came into force.
Support provided
- Assessed where the firm's activities could conflict with the Duty
- Mapped the four Consumer Duty outcomes to the business
- Considered how its unregulated services could affect customers' view of its regulated ones
Outcome
A gap analysis and implementation plan in place before the Consumer Duty came into force.
