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Frequently Asked Questions
FSA Registration.
Who?
The Financial Services Authority (FSA) will regulate all payment services providers from 1.11.2009
All firms unless excluded by the FSA will need to be either Authorised Payment Institutions or Registered Small Payment Institutions.
All money remitters will need to be either Authorised or Registered.
Authorised or Registered?
Some firms can be registered as a Small Payment Institution,(SPI) rather than be authorised, if they meet the following criteria:
average monthly payment transactions must not exceed €3million(over the preceding 12 months)
none of the individuals responsible for managing the business has been convicted of offences relating to money laundering or terrorist financing or other financial crimes;
its head office, registered office or place of residence must be in the UK;
and
it must comply with the registration requirements of the Money Laundering Regulations 2007, where those requirements apply to it.
(Firms with average monthly remittances of more than €3 million over the previous twelve months or any firm wishing to passport their services into the EEA will need to apply for Authorisation as a Payment Institution)
Which is better for me?
Registering as an SPI requires less information than Authorisation.
What do I need to do?
Decide whether you require Authorisation or Registration.
Decide whether you qualify for the transitional arrangements delaying Authorisation or Registration (see below)
Complete the appropriate application form. (Links to FSA website under "Where are the application forms")
What are the transitional Arrangements?
Firms who were providing services before 25.12.2007 can delay their applications for Authorisation or Registration.
For firms that will qualify for registering as a Small Payment Institution registration can be delayed until 25.12.2010. The application must be with the FSA by their deadline of 25.9.2010.
Firms that need to register as Authorised Payment Institutions can delay their Authorisation until 1.5.2011 and their application needs to be with the FSA by their deadline of 1.2.2011.
NOTE : All firms whether Authorised Payment Institutions or Registered as Small Payment Institutions or using transitional arrangements to delay their applications, will have to comply with the FSA Conduct Of Business requirements that will be introduced on 1.11.2009.
Where are the application forms?
The application forms are on the FSA website and can be found by clicking on the following links.
Authorisation:-
Registration:-
Other forms that may be needed for authorization:
(If the holder of the qualifying holding is already an FSA approved person, an FSA-authorised firm or an existing controller of an FSA-authorised firm;)
(If the holder of the qualifying holding is an individual **if you have already submitted a ‘PSD Individual Form’ for the individual, you do not need to complete this form too**)
(If the holder of the qualifying holding is an incorporated company i.e. private limited company,limited liability partnership etc.);
(If the holder of the qualifying holding is a partnership;)
(If the holder of the qualifying holding is a trust;) or
(If the holder of the qualifying holding is a fund manager).
Application to passport services into EEA states
Table of events
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Date
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Event
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1 May 2009
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FSA open for authorisation and registration applications.
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31 July 2009
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Last date for submitting applications to ensure that they are considered in time for 1.11.09 (providing the application is complete).
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1 November 2009
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The Payment Services Regulations 2009 come into force in full. All payment service providers, including firms using the transitional provisions, must be compliant with the disclosure and conduct of business requirements of the PSRs from this date.
Any payment service provider that is not a credit institution or e-money issuer and that cannot take advantage of the transitional period must be authorised or registered by this date.
Any payment service provider that is not a credit institution or emoney issuer and that wishes to passport their services to another EEA member state must be authorised by this date.
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1 November 2009
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The Banking: Conduct of Business sourcebook (BCOBS) comes into force, with new conduct of business rules for retail deposit takers, e.g banks and building societies.
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25 December 2009
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Financial institutions that already provide payment services under the Banking Consolidation Directive Annex I and are subject to consolidated supervision must notify us by this date in accordance with regulation 121, if they intend to take full advantage of the transitional provision in that regulation.
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24 September 2010
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Last date for submitting applications to ensure that they are considered in time for 25 December 2010.
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24 December 2010
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Transitional period ends for payment service providers that are not credit institutions or e-money issuers and who meet the criteria for registration but not authorisation.
All payment service providers who need to be registered must be registered on or before 25 December 2010.
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29 Jan 2011
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Last date for submitting applications to ensure that they are considered in time for 30 April 2011 (providing the application is complete).
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30 April 2011
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Transitional period ends for payment service providers who require authorisation. All payment service providers that are not credit institutions or e-money issuers, that do not qualify for registration, and are not otherwise exempt must be authorised on or before 1 May 2011 or cease providing payment services.
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