🇬🇧 United Kingdom

Authorised EMI (AEMI) or Small EMI (SEMI) under the Electronic Money Regulations 2011.

Verified 3 days agoSource: FCA, Apply to become an electronic money or a payment institution: https://www.fca.org.uk/firms/apply-emoney-payment-institution

Financial Conduct Authority (FCA).

Verified 3 days agoSource: FCA, Apply to become an electronic money or a payment institution: https://www.fca.org.uk/firms/apply-emoney-payment-institution

AEMI GBP 350,000 initial plus own funds 2% of average outstanding e-money. SEMI no initial capital, capped below EUR 5m outstanding.

Verified 7 weeks agoSource: FCA

About 6 to 12 months including pre-application (statutory 3 months from a complete application).

Verified 7 weeks agoSource: estimate

UK entity with UK mind and management, MLRO, adequate local staffing.

Verified 7 weeks agoSource: FCA

FCA application fee GBP 5,640 for an authorised EMI (Category 5) or GBP 1,130 for a small EMI (Category 3). Professional and implementation costs are project-specific.

Verified 3 days agoSource: FCA application fees: https://www.fca.org.uk/firms/authorisation/apply/fees; ECB reference rate for 14 August 2026, GBP 0.85450 per EUR: https://www.ecb.europa.eu/stats/eurofxref/eurofxref-daily.xml

FCA periodic fees, annual safeguarding audit, compliance headcount.

Verified 7 weeks agoSource: FCA

None after Brexit, no EEA passport.

Verified 7 weeks agoSource: FCA

Around 338 e-money firms on the FCA register including small EMIs, the largest EMI population in Europe.

Verified 7 weeks agoSource: thebanks.eu directory, cross-checked to FCA register and EBA register

No interest on e-money, no deposit-taking; a SEMI cannot provide AIS or PIS.

Verified 7 weeks agoSource: EMRs 2011

Segregation or insurance or comparable guarantee. FCA Supplementary safeguarding regime (Policy Statement PS25/12, published 7 August 2025) in force from 7 May 2026: daily reconciliations, monthly regulatory reporting, annual safeguarding audit by a qualified auditor, resolution pack, third-party due diligence; audit exemption below GBP 100k. Stage 2 CASS-style statutory trust (Post-Repeal Regime) still under FCA review, not yet confirmed.

Verified 3 days agoSource: FCA, Safeguarding requirements for payment institutions and electronic money institutions: https://www.fca.org.uk/firms/emi-payment-institutions-safeguarding-requirements

FCA safeguarding reform live from 7 May 2026 (first monthly REP027 return fell due 21 July 2026). HM Treasury's Modernising Payment Services Regulation consultation, published 14 July 2026, proposes rebuilding the PSRs 2017 and EMRs 2011 into a single FCA-rulebook framework spanning fiat, tokenised deposits and UK qualifying stablecoins; it closes 6 October 2026.

Verified 3 days agoSource: HM Treasury, Modernising Payment Services Regulation consultation: https://www.gov.uk/government/consultations/modernising-payment-services-regulation

4. Rigorous on financial crime and safeguarding, very large market.

Verified 7 weeks agoSource: owner rating