Neopay has supported another e-money client to achieve authorisation from the FCA. Although the process is taking longer, particularly for e-money and payments firms, authorisations are still being issued. Neopay are seeing signs that the FCA is addressing their internal issues that were causing additional problems and delays for applicants.
Nigel Reed, COO of Neopay, responded to the news, saying ‘We are pleased to see another successful FCA authorisation come through. Firms need to be aware, though, that the days of an authorisation being granted in 3-6 months are past – they should expect the process to take 12-18 months on average. That said, we can help firms plan appropriately, including generating revenue while the application is going through or helping to find investors if that’s useful.’
Craig James, CEO of Neopay, added ‘I’m very proud of my team for the way they have adapted to the challenges to the market over the past few of years. Brexit, covid, the FCA and the economy have all caused unprecedented issues for firms in e-money and payments. The team have worked hard to adapt our services and offer solutions to the new challenges.’
Neopay are market leaders, providing regulatory compliance support to e-money and payments firms in the UK and EU. We have assisted more firms in this market become authorised than any other specialist consultancy. If you would like to discuss becoming authorised as an e-money or payments firm, or are already authorised and need support in staying up to date with regulatory changes, contact our team of compliance specialists here.