What the FCA wants to see in your payment institution or e-money application
The FCA wants to ensure that 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 a physical office to operate from. Virtual offices are not an adequate type of office. 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. The regulator will want to see evidence that the firm conducts itself appropriately. It also wants to ensure that senior management has implemented an appropriate culture, led from the top.
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 email@example.com 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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