To provide e-money such as prepaid cards or electronic wallets, you must become an electronic money institution.
For your e-money licence authorisation application, you will be required to submit a number of documents, policies and procedures, including, a business plan, your safeguarding measures (how you will keep your client money separated and ring-fenced), your governance arrangements and risk management, your procedures for managing and handling security incidents and customer complaints, your security policy, your measures against financial crime.
You will be required to meet the FCA’s threshold conditions. What are threshold conditions? Think of the threshold condition as the basic requirements you must have in place. For example, you will need to ensure that your ‘mind and management’, in other words, people such as directors, must be located in the UK. You will need to demonstrate through your application that you have appropriate resources to operate your business. This includes having sufficient financial, management, staff, and systems to manage your business. Your team should be suitable and competent for their roles. This is usually demonstrated through past work experience. You will also be expected to have in place a physical office in the UK. This may be a serviced office but virtual or e-offices will not suffice.
Buckingham Capital Consulting is a leading international consulting firm, specialising in payment services, electronic money, banking and investment services. We are able to advise you on the best course of action and strategy based upon your business plan and financial product or service. We can help you with licencing, compliance, operational setup and related services, including, obtaining banking facilities.
Call us today on 02078662512 or 442078662512 if you are calling from abroad. You can send an email to firstname.lastname@example.org to arrange a telephone call or to discuss your requirements and plan. We are also able to arrange calls or conference calls using Skype. Our Skype ID is BCC54321. If you wish, we can arrange a meeting at one of our offices.
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