We help clients who operate payment services and issue e-money. This is a growing and innovative sector where technology is moving at a fast pace. But the regulatory background is complex – firms not only have to understand their obligations under the regulations but also the expectations of the Regulator.
We help firms through the regulatory maze and ensure that any application to the Regulator has the best chance of success. Our clients range from small start-ups to much larger groups, and our services are flexible to meet your needs exactly. We can:
- Help you understand the regulatory regime and how this affects your business model
- Advise on the types of activity carried out
- Prepare application documents for submission to the FCA
- Draft compliance procedures and documents
- Train your management team and staff to ensure you understand your obligations
- Review your existing processes and procedures to ensure they are compliant.
Some examples of our work in payment services and e-money
Case study one
We assisted an e-money institution authorisation application for a new business line of a major UK financial services provider. On a practical level we helped the client expand its compliance framework and controls in readiness for its change in regulatory permission.
Case study two
We have an ongoing relationship with a major US Payment Services provider that wanted to expand its operations into the UK and passport its offering into the EEA. We provided the client with the help they needed to understand the implications of the FCA regulatory regime on its existing U.S. infrastructure to provide a swift transition into the EEA market.
Key payment services and e-money updates
FCA Thematic review – Money Laundering and Terrorist Financing Risks in the E-Money Sector – October 2018
The FCA’s thematic review of e-money institutions gives clarity on expectations around anti-money laundering. Highlighting good and bad practice, firms can use the findings to get a greater understanding of the regulator’s expectations and formulate a plan to improve controls where necessary. Read our overview here.