News & Resources

    FCA

    What the FCA’s latest strategy means for payments and e-money firms

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    The FCA’s recent speech at PIMFA’s 2025 Compliance Conference focused heavily on investment and advice sectors — but beneath the
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    Draft Money Laundering Regulations Published for Technical Consultation

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    Following a public consultation on ‘Improving the Effectiveness of the Money Laundering Regulations’, the government is bringing forward targeted amendments
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    contactless payment

    FCA Proposes Greater Flexibility on Contactless Payment Limits

    The Financial Conduct Authority (FCA) has launched a consultation on proposals that could make contactless payments more convenient for consumers
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    HMT publish consultation on proposed approach to payment systems regulation

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    In March 2025, the government announced that it will consolidate the Payment Systems Regulator (PSR) primarily within the Financial Conduct
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    safeguarding changes

    Interview with Nigel Reed: Understanding the FCA’s Changes to Safeguarding

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    The FCA’s updated safeguarding requirements are set to bring important changes for e-money and payments firms. With new deadlines, stricter
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    Safeguarding Regime Changes: The Resolution Pack

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    The FCA are strengthening the safeguarding regime to address weaknesses in firms’ current safeguarding practices. This includes the requirement for
    Read More >

    Safeguarding Regime Changes: Reconciliations

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    The FCA are strengthening the safeguarding regime to address weaknesses in firms’ current safeguarding practices.  The most recent changes are
    Read More >

    Safeguarding Regime Changes: Summary of Changes

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    Changes to the safeguarding regime for payments and e-money firms The FCA are strengthening the safeguarding regime to address weaknesses
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    AI and compliance

    Why AI Isn’t Enough: The Human Advantage in Financial Crime Compliance

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    In today’s fast-changing regulatory world, AI is a major topic in compliance, and it’s easy to see why. Machine learning
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    open banking

    FCA Outlines Vision for New Open Banking Standards Body

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    The Financial Conduct Authority (FCA) has published feedback on the creation of a new industry-led standards-setting organisation – the Future
    Read More >
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    Resources

    The registration process for SEMIs is cheaper and more straightforward than authorisation for Authorised E-Money Institutions (AEMIs), however there are additional restrictions placed on the activities of SEMIs.

    The FCA would require similar information to an AEMI application but in less detail and would pay close attention to the skills and experience of the business’ senior team.

    • A SEMI’s average outstanding e-money must never exceed €5 million.
    • There are no passporting rights. SEMI’s products can only be offered within the UK.
    • SEMIs can provide unrelated payment services but only if the average monthly total of payment transactions does not exceed €3 million, on a rolling 12 month basis.

    To determine their capital requirements, SEMIs are split into two categories. For those whose average outstanding e-money is less than €500,000 and who do not predict their average to reach that point, there is no minimum capital requirement.

    For those whose average falls above that limit, there is a minimum capital requirement of 2% of their average outstanding e-money.

    The FCA charge application fees as well as on-going supervision fees for authorised entities.

    In addition, there are minimum requirements for on-going capital for authorised firms, although not all SEMIs will be required to meet minimum capital requirements (see above).