Our services for Open Banking providers
FCA licence authorisation
We assist open banking clients in the process of obtaining the necessary registration and authorisation from the FCA, providing guidance on the application process, documentation requirements, and compliance with regulatory standards.
API Implementation and Integration
We offer expertise in implementing and integrating APIs for open banking platforms, enabling secure and compliant data sharing. We ensure compliance with API standards and regulatory guidelines.
Compliance Audits and Reviews
We conduct compliance audits and reviews to assess open banking clients' adherence to regulatory obligations. We identify areas for improvement, provide recommendations, and support remedial actions to maintain compliance.
Regulatory Reporting
We assist open banking clients in preparing and submitting regulatory reports required by relevant authorities. We ensure accurate and timely reporting, reducing the risk of non-compliance and associated penalties.
Training and Education
We provide customised training programs to educate open banking clients' teams on regulatory requirements, compliance best practices, and emerging trends in the open banking landscape.
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.
Open Banking Licence Authorisation Guide
Introduction
Understanding the Regulatory Landscape
To begin, it is crucial to understand the regulatory landscape surrounding open banking activities. We will help you navigate the Payment Services Regulations 2017 (PSRs 2017), Electronic Money Regulations 2011 (EMRs), and the relevant FCA rules and guidance that govern the open banking sector. Our team possesses extensive knowledge of these regulations and will provide detailed guidance to ensure your operations align with the requirements.
Determining the Appropriate Licence
We will work closely with you to assess your specific business activities and determine the most suitable licence for your open banking operations. Whether you require an AIS, PISP, or RAISP licence, we will provide a comprehensive analysis of the licensing options available to you and guide you in choosing the licence that best aligns with your business objectives.
Identifying Threshold Conditions
Threshold conditions play a crucial role in the FCA licence authorisation process. Our team will assist you in understanding and meeting the specific threshold conditions for AIS, PISP, or RAISP licences. This includes ensuring you have adequate financial resources to support your operations, implementing suitable risk management systems to mitigate potential risks, appointing individuals with the required expertise and competence, and establishing proper corporate governance structures.
Preparing the FCA Authorisation Application
We understand that a well-prepared licence application is essential for a successful outcome. Our experienced consultants will work closely with you to prepare a comprehensive application that meets the FCA's requirements. This includes assisting with the preparation of a detailed business plan that outlines your open banking strategy, financial forecasts, compliance policies and procedures, governance arrangements, and risk management frameworks. We will ensure that all necessary documents are accurately prepared and submitted in a timely manner, enhancing your chances of a successful application.
Navigating the Regulatory Process
Once your licence application is submitted, our team will provide guidance and support throughout the regulatory process. We will act as your liaison with the FCA, addressing any queries or requests for additional information that may arise during the review process. Our expertise and experience in dealing with regulatory authorities will help streamline the process, ensuring effective communication and a smooth application journey.
Compliance with Ongoing Obligations
Obtaining an FCA licence is just the beginning of your compliance journey. Our consultants will help you establish robust compliance frameworks and procedures to meet your ongoing regulatory obligations. This includes implementing effective Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, robust data protection measures, comprehensive risk management systems, and adherence to the Principles for Businesses (PRIN). We will provide guidance on reporting requirements, helping you stay compliant with regulatory guidelines.
Obtaining FCA licence authorisation for open banking activities requires a comprehensive understanding of the regulatory landscape, meticulous planning, and a commitment to ongoing compliance. At Buckingham Capital Consulting, we are dedicated to providing you with the expertise and support needed to successfully navigate the licence authorisation process.
Additional Services for Investment Firms
Why leading firms choose us as their partner.
"We wanted to share our positive experience working with Buckingham Capital Consulting for our AIS and PISP authorisation requirements. Their expertise and guidance have played a crucial role in helping us navigate the complexities of the Open Banking landscape and successfully obtain our licence.
Buckingham Capital Consulting's in-depth knowledge of the open banking regulations, combined with their practical and tailored approach, has been instrumental in our journey. Their team has shown a genuine commitment to our success, providing us with strategic advice and assisting us throughout the entire process.
With their expert guidance, we have been able to implement robust security measures, develop efficient API integration, and ensure seamless data sharing in compliance with regulatory requirements. Their extensive experience in the Open Banking space has given us confidence.
We highly recommend Buckingham Capital Consulting to anyone seeking AIS or PISP licencing or compliance support."