Our services for Electronic Money Institutions
FCA licence authorisation
We can help advise on the requirements and prepare your application, including all the required policies, for a successful application in the quickest time possible. We also help manage communication with the FCA.
Full end-to-end set-up
From company incorporation to hiring and arranging banking facilities, we can help with everything required to set up your fintech business.
How we will support you
Step 1
We spend time understand your business, people, culture and business requirements.
Step 2
We prepare and develop your application, working closely with you.
Step 3
We submit your application and manage any additional information requested by the FCA, ensuring a smooth and successful outcome.
Sectors we serve
Payment services
We work with start-ups to unicorns and offer bespoke support across licence authorisation, compliance and support across the UK and Europe.
Banking
We help retail, private and investment banks with authorisation applications, PRA & FCA compliance, financial crime and training.
Credit broking
If you sell products and services and wish to offer customer finance, then we can help you become FCA authorisation.
Insurance
We provide comprehensive assistance to general insurers and Lloyd's of London brokers across compliance, training and authorisation.
Lending
From buy now pay later to traditional lending models, we advise you on operations, strategy, authorisation, and ongoing compliance requirements.
E-money
We work with start-ups to established firms in helping with Electronic Money Institution licence authorisation applications, compliance, training, policy and more.
Cryptoassets
We help clients on financial crime and licence authorisation across a number of countries.
Investment services
We work with UK and European regulators and can help you become authorised to offer investment services as a regulated business.
Mortgage providers & brokers
We offer a range of services including compliance, training, and authorisation support, specifically tailored for mortgage providers and brokers.
Open banking
We help open banking firms, including account information service and payment initiation service providers, across compliance, training, and authorisation.
Electronic Money Institution Guide
Introduction
At Buckingham Capital Consulting, we specialise in navigating the complex regulatory landscape surrounding EMI / Electronic Money Institution FCA authorisation. Our team of experts possess a strong understanding of the intricacies involved in obtaining and maintaining an EMI licence. We are adept at staying abreast of the latest regulatory developments and can provide with the expertise needed to obtain the FCA authorisation for the EMI licence and ensure compliance.
Our FCA authorisation for the EMI licencing service is designed to take the burden off your shoulders. We guide you through each step of the licencing process, from initial application to ongoing compliance requirements. By leveraging our in-depth knowledge and experience, we streamline the process, saving you valuable time and resources. With Buckingham Capital Consulting as your trusted partner, you can focus on what you do best – running your business – while we handle the intricacies of licencing.
Our Electronic Money Institution Services
At Buckingham Capital Consulting, we pride ourselves on being experts in FCA authorisation for the Electronic Money Institution (EMI) licence and regulatory compliance. Our comprehensive range of services is specifically designed to assist businesses in obtaining and managing their EMI FCA authorisation efficiently, ensuring compliance with the FCA requirements.
EMI Licencing Application Support
Navigating the FCA authorisation for the EMI licence application process can be overwhelming. Our team of seasoned professionals has a deep understanding of the FCA's requirements and can provide you with expert guidance throughout the application process. We assist with the preparation and submission of all necessary documentation, ensuring that your application is complete, accurate, and stands the best chance of approval.
Compliance Framework Development
Compliance is at the heart of the financial services industry, and maintaining a robust compliance framework is essential for Electronic Money Institutions. We can work closely with your business to develop customised compliance frameworks tailored to your specific needs and business model. Our experts have extensive knowledge of FCA regulations, enabling us to design and implement compliance policies and procedures that meet regulatory standards and mitigate risks effectively.
Ongoing Compliance Monitoring
Regulatory compliance is not a one-time requirement but an ongoing commitment. Our team can provide comprehensive compliance monitoring services to ensure that your business remains in full compliance with the FCA's requirements. We can conduct regular audits and assessments, identify areas of improvement, and offer proactive solutions to mitigate any compliance gaps that may arise.
Risk Management and Internal Controls
Effective risk management is crucial for the success and longevity of any financial institution. We can work closely with you to assess and mitigate risks, develop robust risk management frameworks, and establish internal control mechanisms. We can help you identify potential risks, implement risk mitigation strategies, and ensure that your operations align with best practices and regulatory guidelines.
Training and Education
Keeping your staff well-informed and up-to-date on regulatory requirements is important. We offer comprehensive training and education programs tailored to client needs. Our training sessions cover various aspects of compliance, risk management, and regulatory updates, empowering clients and their teams with the knowledge and skills needed to maintain compliance and mitigate risks effectively.
Regulatory Updates and Advisory Services
The regulatory landscape is constantly evolving, with new guidelines and requirements being introduced regularly. As experts in the field, we stay up-to-date with the latest regulatory developments and provide timely advisory services to our clients. We can keep you informed about changes in regulations, interpret their impact on your business, and offer strategic guidance to ensure continued compliance.
Applying for FCA authorisation to become an Electronic Money Institution (EMI)
To apply for the FCA authorisation for the electronic money institution licence, you will be required to complete the application form, as well as the supplementary forms and evidence and submit them on the FCA's online system, namely, Connect.
As part of your FCA authorisation for the electronic money institution licence, you will be required to prepare the following information:
1. Business plan, including financial forecasts for a period covering 3 years
2. A programme of operations
3. A description of your business organisation
4. Evidence of your initial capital.
5. Details of how you will safeguard the funds of your users
6. Compliance & governance arrangements and internal controls
7. Procedure for monitoring, handling, and following up on security incidents and security-related customer complaints
8. Processes for filing, monitoring, tracking and restricting access to sensitive payment data
9 .Business continuity measures
10. Details on your data collection methodology concerning performance, transaction and fraud-related data.
11. A copy of your security policy
12. Your financial crime policy, entailing your internal control mechanisms to comply with anti-money laundering and countering-terrorist financing (AML/CTF obligations)
13. Details of your qualifying holders (shareholders holding or controlling 10% or more in the applicant firm)
14. Details of any outsourcing arrangements
15. Details of people responsible for the management of your firm
Registering management team members or directors
You will need to submit individual forms for each person responsible for the management of your Electronic Money Institution (EMI). This typically includes the money laundering reporting officer and other head of function holders.
You will also be required to inform the FCA of any changes to the directors or people responsible for the management of your firm. You may do so, using the FCA's Connect system here.
Registering people with qualifying holdings
You will be required to submit the details of any person or firm holding or controlling 10% or more capital or voting rights in the company to the FCA. You must also inform the FCA of any changes to the qualifying holdings.
Registering agents
In order to engage an agent for the distribution of e-money or the provision of payment services on your behalf, it is mandatory to register them through the Connect platform.
Having agents to distribute e-money on your behalf will make you a principal firm. As the principal entity, it will be your responsibility to ensure that your agent acts in compliance with relevant regulations. Therefore, it is crucial to establish suitable systems and controls to effectively supervise their activities. By doing so, you can effectively oversee and take accountability for any actions or omissions carried out by your appointed agent.
For more information on notifying the FCA about changes to your agents, you can use this link
Electronic Money Institution (EMI) application fee
The application fee for the E-money (Electronic Money Institution) licence application is £5,000. The fee is paid at the time of submitting your application.
How long it take to obtain FCA authorisation as an Electronic Money Institution (EMI)
The Financial Conduct Authority is required by the European Banking Authority to assess and make a decision on an E-money EMI / Electronic Money Institution licence authorisation application within three months of receiving a complete Electronic Money Institution application.
You are required to submit specific information, as specified in schedule 1 of the EMRs. We can help ensure that you avoid any delays by preparing and submitting a complete application and making sure that you meet all the regulatory conditions and requirements.
Electronic Money Institution (EMI) licence services
An Electronic Money Institution (EMI) licence enables the licence holder to offer a number of services:
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Issuing of electronic money e.g. prepaid cards and electronic wallets;
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Services enabling cash to be placed on a payment account and all of the operations required for operating a payment account;
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Services enabling cash withdrawals from a payment account and all of the operations required for operating a payment account;
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The execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider, including, execution of direct debits, including one-off direct debits; execution of payment transactions through a payment card or a similar device; execution of credit transfers, including standing orders;
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Execution of payment transactions where the funds are covered by a credit line for a payment service user, including, execution of direct debits, including one-off direct debits; execution of payment transactions through a payment card or a similar device; (iii)execution of credit transfers, including standing orders;
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Payment instruments or acquiring payment transactions;
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Money remittance;
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Payment initiation services; and,
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Account information services.
Electronic Money Institution (EMI) laws and regulations
The following laws and regulations are applicable to E-money (EMI) / Electronic Money Institution firms in the UK:
- The Financial Services and Markets Act 2000
- The Payment Service Directive (Directive 2015/2366)
- The Electronic Money Regulations 2011
- Directive 2009/110/EC of the European Parliament
- The Payment Service Regulations 2017
- Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012
- The SEPA Regulation (Regulation (EU) 260/2012
- The Payment Accounts Regulations 2015
- EU Payment Accounts Directive
- Guide to the UK General Data Protection Regulation (UK GDPR)
- Proceeds of Crime Act 2002 (POCA)
- Money Laundering, Terrorist Financing and Transfer of Funds 2017
- Regulation on interchange fees for card-based payment transactions (EU) 2015/751
- The Money Laundering and Terrorist Financing Regulations 2019
Electronic Money Institution (EMI) capital requirements
The initial capital required for an E-money licence EMI licence / Electronic Money Institution licence is €350,000.
The ongoing capital required for an E-money (electronic money institution) licence is calculated at 2% of the outstanding electronic money a firm has issued.
Electronic Money Institution (EMI) key requirements
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A minimum capital requirement of €350,000 is required to establish an Electronic Money Institution (EMI) business.
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The requirement is to safeguard client funds either with a segregated client bank account or with an insurance policy.
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The management body of the Electronic Money Institution (EMI) licence must be of good repute and possess the relevant qualifications and experience to perform their duties.
Reasons for choosing the UK for your Electronic Money Institution
- World’s fifth-largest economy
- Low corporation tax
- Low business costs
- Business tax relief of up to 230% on research and development
- Access to a highly-skilled workforce
- Strong fintech growth and investment
- Strong reputation in financial services
Additional Services for Electronic Money Institutions
Why leading firms choose us as their partner.
"We are thrilled with the exceptional service provided by Buckingham Capital Consulting throughout our journey to obtain the Electronic Money Institution license. Their expertise and guidance have been invaluable, resulting in outstanding outcomes for our business. them, we successfully acquired the license within a reasonable time-frame. Their in-depth knowledge of regulatory compliance and meticulous attention to detail ensured that our documentation was well prepared and aligned with the FCA's requirements."
We highly recommend Buckingham Capital Consulting to any business seeking to obtain an EMI license. Their professionalism, knowledge, and commitment to excellence have exceeded our expectations. Partnering with them has been a game-changer for our business, and we are grateful for their invaluable support."