How to prepare a strong FCA application for payment and e-money firms
An applicant demonstrates that they have their mind and management as well as operational setup in the UK. This means establishing a physical base in the UK with local physical presence to operate from.
Furthermore, firms must have adequate resources in place. This includes financial resources, i.e. possessing sufficient funds to manage and operate the businesses. Applicant firms must also demonstrate that they have suitable and experienced management and employees to manage the business. Firms must also demonstrate that they adequate IT systems and internal controls to ensure the safety of payments and manage fraud adequately and effectively.
Firms must ensure that their business plan describes their payment activities and their market plan and execution. Their financial statements must adequately address their lines of income, calculations of initial and ingoing capital requirements and provide financial forecasts for three years.
Firms must provide policies and procedural documents that clearly demonstrate that they understand their risks. Firms should prepare a risk framework and address how they will mitigate their risks, including operational, security and money laundering risks.
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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