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Englishregulatory agency
UK Financial Conduct Authority (FCA)
The specific acceptance units and authorities are subject to the latest public information of the British Financial Conduct Authority (FCA).。
1. UK EMI/PI payment license：Institutional background and legal basis
UK electronic money institutions and payment institutions are authorized or registered by the FCA in accordance with the Electronic Money Regulations and the Payment Services Regulations。EMI can issue electronic money；PI provides approved payment services。Small EMI/PI and Authorized EMI/PI scale、Capital and cross-border capabilities are different。
Application should split e-money、payment account、Acquiring、money transfer、Payment initiation and account information services。The initial capital of authorized PI can be 20,000 due to service、50,000 or 125,000 euro equivalent；Authorized EMI is usually based on initial capital of €350,000，Final verification based on FCA’s current caliber。
Important tips：PI and EMI have different permissions，should be based on capital flow、Customer Balance and Product Feature Selection Path。
2. Core regulatory information
regulatory path
Payment Institution (PI) or Electronic Money Institution (EMI) Authorization/Registration
PI and EMI have different permissions，should be based on capital flow、Customer Balance and Product Feature Selection Path。
Check the key points
License Scope and Ongoing Obligations
The content has been combined with the disclosure rules of regulatory agencies、Cross-check application material structure and actual business process。
3. Business scope and license boundaries
Scope description
The following content is used to delineate the project scope of the UK EMI/PI payment license；The final decision should be based on actual business and official approval.。
Payment Accounts and Transfer Services
Application documents should describe payment account and transfer service products、client、channel、transaction process、Revenue model and controls。
Acquiring、Remittance or payment initiation
Application documents should state the receipt、Remittance or payment initiated products、client、channel、transaction process、Revenue model and controls。
Electronic Money Issuance (EMI)
Application documents should describe electronic money issuance (EMI) products、client、channel、transaction process、Revenue model and controls。
4. Application subject、capital、people and places
Check before applying
The UK Financial Conduct Authority (FCA) usually obtains、personnel、Review of business authenticity and risk control；Material depth will vary from project to project。
official information：UK Financial Conduct Authority (FCA)。The latest form should be double-checked before submission.、cost、Timeframes and technical requirements。
business plan
Describe the proposed payment accounts and transfer services item by item、Acquiring、Remittance or payment initiation、Electronic Money Issuance (EMI)，including customers、area、channel、Products and funding flows。
Equity and Management
Disclosure Shareholders、ultimate controller、Directors and key personnel，and be prepared to be honest、Proof of experience and financial resources。
Governance and Control
Establish division of responsibilities、conflict of interest、complaint、outsourcing、business continuity、Cybersecurity and financial controls。
AML/CFT Framework
Establish customer due diligence based on risk assessment、Continuous monitoring、Sanctions Screening、suspicious transaction report、Record keeping and training mechanisms。
Capital and financial resources
The initial capital for an authorized electronic money institution is usually the equivalent of €350,000；Authorized payment institutions are eligible for RMB 20,000 according to payment service category、Initial capital threshold of €50,000 or €125,000 equivalent。Subsequent self-owned funds will continue to be maintained based on business volume and applicable calculation methods.，Submission must be converted and reviewed in accordance with the current FCA rules.。
Key People and Governance
Applicants must have directors and senior managers who can actually perform their duties in the UK，and clear compliance、MLRO、risk、finance、information security、Customer fund protection and outsourcing responsibilities。
Office and local content
office、Registered address and record keeping location should be checked separately。If the regulatory authority requires local substance，A mail-only virtual address must not be used as a substitute for actual management、customer service、System control and file access arrangements。
5. Government charges and project budgets
The budget should differentiate between statutory expenses、Capital or margin、Company and premises costs、Personnel costs and professional service fees。If there is no official basis, do not write a fixed total price or guarantee the betting period.。
| budget items | Billing basis | Checkpoints |
|---|---|---|
| Regulatory application and annual fees | By license type、Scope of authority、Number of applicants and key personnel，and calculation of the current fee schedule of the competent authority.。 | Only quote the current fee schedule of the competent authority；Third-party service fees must not be packaged as government fees。 |
| capital、Security deposit and insurance | The initial capital for an authorized electronic money institution is usually the equivalent of €350,000；Authorized payment institutions are eligible for RMB 20,000 according to payment service category、Initial capital threshold of €50,000 or €125,000 equivalent。Subsequent self-owned funds will continue to be maintained based on business volume and applicable calculation methods.，Submission must be converted and reviewed in accordance with the current FCA rules.。 | Capital is not a service fee，Nor shall it be satisfied by temporary borrowings or funds from unexplained sources.。 |
| Company establishment and statutory maintenance | According to registration place、share capital、registered agent、secretary、Registered address、Separate quotations for annual reports and tax returns。 | The establishment of a company does not mean the approval of a license or the opening of a bank account.。 |
| Office and personnel | by lease、deposit、area、use、local salary、Visa and residency requirement accounting。 | First confirm the substantive requirements for regulatory acceptance，Sign a new lease or hire staff。 |
| system、Systems and professional services | AML/KYC calculation based on business complexity、Sanctions Screening、Transaction monitoring、network security、audit、legal advice、Translation and notarization。 | The quotation should specify the scope、hypothesis、Third-party fees and number of replacement parts。 |
6. Application process and review cycle
The length of the process depends on the complexity of the business、Data integrity and inquiries from the UK Financial Conduct Authority (FCA) or receiving authority，It is not appropriate to promise a fixed time for approval。
first step：Delineate regulated activities
put product、client、area、Channels and fund flows mapped to payment institution (PI) or electronic money institution (EMI) authorization/registration permission scope。
Step 2：Design subject and governance structure
Determine the applicant、Equity、director、key personnel、Office space and outsourcing arrangements。
Step 3：Prepare application and institutional documents
Prepare business plan、financial forecast、Organizational structure、Risk assessment and various compliance policies。
Step 4：Submit and receive review
Submit an application to the UK Financial Conduct Authority (FCA)，Reply to addendum、Interview、System demonstration or on-site inspection。
Step 5：Approval and continued compliance
Check license conditions，Complete capital before starting business、personnel、system、Client assets and reporting arrangements。
7. Licensed、Renewal and ongoing supervision
Must continue to maintain capital after approval、Own funds and customer funds protection，Submit regulatory returns、Audit and Major Incident Reporting，and manage agents、Outsourcing and Consumer Duty。business、Changes in control or safeguards may require approval。
8. 2023–2026 Regulatory Updates and Official Information
The FCA’s current application process and UK payment system reform should be reviewed in 2026，Cannot register Small EMI、Application acceptance or provisional license described as full EMI/PI authorization。
Official verification entrance：UK FCA：Apply for authorization。
Information update instructions：regulatory scope、capital、personnel、cost、Time limits and continuing obligations subject to adjustment，Before formal application, the current rules of the competent authority should be followed、The form and case approval shall prevail.。
9. Customer FAQ
UK electronic money institutions and payment institutions are authorized or registered by the FCA in accordance with the Electronic Money Regulations and the Payment Services Regulations。EMI can issue electronic money；PI provides approved payment services。Small EMI/PI and Authorized EMI/PI scale、Capital and cross-border capabilities are different。 Application should split e-money、payment account、Acquiring、money transfer、Payment initiation and account information services。The initial capital of authorized PI can be 20,000 due to service、50,000 or 125,000 euro equivalent；Authorized EMI is usually based on initial capital of €350,000，Final verification based on FCA’s current caliber。
FCA focuses on UK practical management、Directors and Responsible Persons、three-year financial forecast、capital、Customer fund protection、governance、AML、Consumer Responsibility、complaint、acting、outsourcing、ICT、Business continuity and orderly exit。Banking and security account arrangements must be verifiable。
Must continue to maintain capital after approval、Own funds and customer funds protection，Submit regulatory returns、Audit and Major Incident Reporting，and manage agents、Outsourcing and Consumer Duty。business、Changes in control or safeguards may require approval。
The FCA’s current application process and UK payment system reform should be reviewed in 2026，Cannot register Small EMI、Application acceptance or provisional license described as full EMI/PI authorization。 See the latest rulesUK FCA：Apply for authorization。
The system should be based on the company's customers、Country or region、product、Channel and transaction characteristics shape enterprise risk assessment，and fall to customer due diligence、Beneficial owner identification、Continuous monitoring、Sanctions and PEP Screening、Suspicious transaction escalation and reporting、record keeping、Staff training and independent testing。Directly apply common templates、There is no threshold basis or the operation record cannot be displayed，Usually insufficient to prove that the system can actually operate。
Don’t judge based on just a single number。Legal minimum capital should be distinguished、regulatory capital、margin、Insurance、Protection of customer assets and sufficient financial resources to sustain operations，And check the current rules of the British Financial Conduct Authority (FCA) according to the scope of application and business scale。Source of funds、Financial forecasts and stress scenarios should also be interpretable and verifiable。Special attention should also be paid to this project：PI and EMI have different permissions，should be based on capital flow、Customer Balance and Product Feature Selection Path。
The answer depends on local laws、Eligibility for payment institution (PI) or electronic money institution (EMI) authorization/registration、Planned activities and outsourcing model。Even if the rules do not uniformly provide for a certain position or area，UK Financial Conduct Authority (FCA) may still focus on decision、Record、customer service、Whether risk management and regulatory communications have sufficient local substance；Before leasing space or hiring personnel，Case requirements should be checked first。
Review time is subject to application completeness、business complexity、Key personnel qualifications、Regulatory inquiries、Interviews or system demonstrations and third-party attestation of impact，It is not appropriate to promise a fixed date for approval。The project plan should separately list preparation、submit、Supplementary parts、Technical rectification and post-approval commissioning phase，and retain sufficient buffering；Only the competent authority can decide whether to accept and approve。
Usually not。Applicants should complete supplier due diligence，Describe data flow、service level、Audit right、Subcontract、information security、Business continuity and exit arrangements，and retain the rules、threshold、Alarm handling and major accident supervision capabilities。Whether outsourcing is ultimately allowed and what notification or approval is required，Should be checked against current regulations of the UK Financial Conduct Authority (FCA)。
Already submitted、Company registration under review or completion is described as approved。Formal commencement of regulated activities、Actively solicit customers、Before collecting client funds or issuing potentially misleading licensing claims，It should be confirmed that the license has taken effect、The business does not exceed the approved scope，And also check the cross-border marketing rules of the target customer’s location。
Common matters include renewal or annual fees、Regulatory filing、Financial or compliance audit、training、record keeping、Complaint handling、Client Assets and Capital Monitoring，and equity、director、key personnel、address、Business scope、System and major incident notification or prior approval。A compliance calendar and change approval process should be established，and get regular rule updates from the UK Financial Conduct Authority (FCA)。
should beUK Financial Conduct Authority (FCA)Current regulations issued、Application form、guidelines、The fee schedule and announcement shall prevail。88MSO page is used to help organize questions and materials，Not representing regulatory agencies，Nor can it replace local lawyers、Opinions from tax consultants or competent authorities on individual cases。
You can continue reading based on project boundariesfinance committee (FinaCom) Membership application、Lithuania EMI payment license。These pages are used to compare different regulatory pathways or supporting services；Do they need to be processed at the same time?，real product、Customer area、The contracting entity and capital flow shall prevail.。
Government or competent authority fees should correspond to official fee schedules、Payment notice or receipt；capital、margin、Insurance、office、personnel、system、audit、law、Translation and consulting services are independent budget items。Formal quotations should specify the currency、taxes、third party expenses、Applicable Assumptions and Exclusions。
The applicant should be confirmed first、Legal registered address、actual management location、Differences Between Customer Reception Locations and Record Keeping Locations，Recalculation of registration fees、agent or secretary、rent、deposit、furnish、communication、Insurance、Visas and local personnel。Rent an office first and then determine regulatory boundaries，May cause unrecoverable costs。