Small Payment Institution Registration | Buckingham Capital

Small Payment Institution Registration (licence)

We have been helping Small Payment Institutions since 2013 and can provide full end-to-end support on Small Payment Institution licence registration applications.

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Our services for Small Payment Institutions

FCA licence registration

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.

EU licence applications

We help clients in most European countries, including Ireland, Lithuania, the Netherlands, Germany, Italy, France, and Estonia.

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.

Why leading firms choose us as their partner.

"We engaged Buckingham Capital Consulting for our Small Payment Institution (SPI) registration, and we are extremely satisfied with the support and expertise they provided.

Buckingham Capital Consulting has a thorough understanding of the regulatory requirements for SPI registration. They guided us through the application process, ensuring we met all necessary criteria and documentation requirements.

Their team worked closely with us to complete the application forms accurately and comply with regulatory standards. They also assisted us in submitting the application and provided valuable support during the review process.

Buckingham Capital Consulting's attention to detail and knowledge of the regulatory landscape were key in helping us achieve a successful outcome with the regulator.

We are very pleased with the service and expertise we received from Buckingham Capital Consulting. Their professionalism and commitment to excellence have made them a trusted partner."

Small Payment Institution (SPI) Guide

Introduction

At Buckingham Capital Consulting, we specialise in navigating the complex regulatory landscape surrounding FCA registration for the SPI or Small Payment Institution. Our team of experts possess a strong understanding of the intricacies involved in obtaining and maintaining FCA registration for the SPI or Small Payment Institution. We are adept at staying abreast of the latest regulatory developments and can provide with the expertise needed to obtain SPI FCA registration and ensure compliance.

Our FCA registration for the SPI or Small Payment Institution 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 Small Payment Institution (SPI) Services

At Buckingham Capital Consulting, we pride ourselves on being experts in the FCA registration for the SPI or Small Payment Institution and regulatory compliance. Our comprehensive range of services is specifically designed to assist businesses in obtaining and managing their licences efficiently, ensuring compliance with the FCA requirements.

SPI registration Application Support

Navigating the FCA's SPI registration 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 the FCA registration for the SPI or Small Payment Institution. 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 to become a Small Payment Institution (SPI)

To apply, 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 application, you will be required to prepare the following information:

1. A programme of operations

2. A description of your business organisation

3. Evidence of your initial capital.

4. Details of how you will safeguard the funds of your users (optional for SPIs)

5. Compliance & governance arrangements and internal controls

6. Procedure for monitoring, handling, and following up on security incidents and security-related customer complaints

7. Processes for filing, monitoring, tracking and restricting access to sensitive payment data

8 .Business continuity measures

9. Details on your data collection methodology concerning performance, transaction and fraud-related data.

10. A copy of your security policy

11. Your financial crime policy, entailing your internal control mechanisms to comply with anti-money laundering and countering-terrorist financing (AML/CTF obligations)

12. Details of your qualifying holders (shareholders holding or controlling 10% or more in the applicant firm)

13. Details of any outsourcing arrangements

14. 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 SPI/ Small Payment Institution registration. 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 to provide payment services, it is mandatory to register them through the Connect platform.

Having agents 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

Small Payment Institution (SPI) application fee

The application fee for the SPI/ Small Payment Institution registration application is £500. The fee is paid at the time of submitting your application.

How long it takes to obtain the Small Payment institution (SPI) FCA registration

The Financial Conduct Authority is required by the European Banking Authority to assess and make a decision on a SPI/ Small Payment Institution registration application within three months of receiving a complete application.

You are required to submit specific information, as specified in schedule 1 of the PSRs. 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.

Small Payment Institution (SPI) services

An SPI/ Small Payment Institution registration enables the licence holder to offer a number of services:

services enabling cash to be paid into or withdrawn from a payment account and all of the operations required for operating a payment account
execution of payment transactions - such as direct debits, credit transfers and card payments
issuing of payment instruments (for example credit or debit cards)
acquiring payment transactions
money remittance