News & Resources

News

FCA plans to reshape itself in a post pandemic world

The FCA plans to reshape itself in a post pandemic world

The year 2020 proved to be an extremely challenging time for British financial services, with
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Trade based money laundering

New report published on trade-based money laundering risk indicators

In an effort to help organisations identify trade-based money laundering (TBML), the Financial Action Task
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City of London calls for ‘paradigm shift’ in tech at banks

The Future of Fintech in the U.K. – The Kalifa Review

Over the past decade the UK has become a fintech hub, emerging as a successful
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The FCA sets out approach to international firms

As more and more international firms are expected to be looking to become authorised and
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FCA issues urgent warning on fraud that could cost you over £200 this Christmas

As Christmas approaches, the FCA has issued an urgent warning to consumers on fraudulent activity
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UK Fraud Activity 2020 [infographic]

As criminals become ever more imaginative in their attempts to steal customers’ money, fraud continues
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Neopay’s 123signed technology partners with 4Stop’s automated KYB underwriting solution

Neopay is excited to announce the addition of another partnership integration into 123signed, its fully
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The Challenges of Compliance in 2020

As the financial world gets more and more regulated, organisations are facing greater burden and
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Axius Global obtain e-money authorisation in 6 weeks

We’re delighted to be able to continue to offer the same level of support to
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FCA Business Plan and Priorities

Smaller firms, payments, operational resilience and financial crime On 7th April the FCA published its
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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).