🇬🇧 United Kingdom
FCA, MLR registration; full FSMA regime incoming
Data verified: oldest cell 1 day ago (verified 2026-07-02). Individual cells show their own verification date below.
Licence type
Authorised EMI (AEMI) or Small EMI (SEMI) under the Electronic Money Regulations 2011.
Regulator
Financial Conduct Authority (FCA).
Capital requirement
AEMI GBP 350,000 initial plus own funds 2% of average outstanding e-money. SEMI no initial capital, capped below EUR 5m outstanding.
Timeline to authorisation
About 6 to 12 months including pre-application (statutory 3 months from a complete application).
Local substance
UK entity with UK mind and management, MLRO, adequate local staffing.
Application cost
FCA application fee (order of GBP 5,000 for AEMI) plus roughly GBP 75k to 200k professional.
Ongoing cost
FCA periodic fees, annual safeguarding audit, compliance headcount.
Passporting
None after Brexit, no EEA passport.
Key restrictions
No interest on e-money, no deposit-taking; a SEMI cannot provide AIS or PIS.
Safeguarding
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.
Recent changes
FCA safeguarding reform live from 7 May 2026; HM Treasury payments-law reform expected later in 2026.
Difficulty rating
4. Rigorous on financial crime and safeguarding, very large market.
Track United Kingdom
Get an email when this regime changes, fee schedules, capital rules, transition deadlines.
Informational only, not legal advice. Entries marked as placeholder or awaiting verification must not be relied on. Confirm all requirements with United Kingdom's regulator and qualified local counsel before acting.