🇬🇧 United Kingdom

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

Verified 2 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 2 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 3 months agoSource: FCA

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

Verified 3 months agoSource: estimate

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

Verified 3 months 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 5 weeks 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 3 months agoSource: FCA

None after Brexit, no EEA passport.

Verified 3 months agoSource: FCA

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

Verified 3 months 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 3 months 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 7 weeks agoSource: FCA, Safeguarding requirements for payment institutions and electronic money institutions: https://www.fca.org.uk/firms/emi-payment-institutions-safeguarding-requirements

HM Treasury's Modernising Payment Services Regulation consultation, published 14 July 2026 and open until 6 October 2026, proposes modernising the Payment Services Regulations 2017 and Electronic Money Regulations 2011, including moving detailed firm-facing requirements into the FCA rulebook and adapting the framework for tokenised deposits and UK qualifying stablecoins.

Verified 2 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 3 months agoSource: owner rating