News & Resources

    FCA

    FCA scraps ‘name and shame’ plan amid industry backlash

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    The Financial Conduct Authority (FCA) has recently announced that it will not proceed with its proposal to publicly name firms
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    The PSR’s findings on card scheme and processing fees

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    The Payments Systems Regulator (PSR) has published its final report on the market review into card scheme and processing fees,
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    financial crime fine

    FCA charges John Dance with fraud and money laundering related to WealthTek

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    The Financial Conduct Authority (FCA) has brought significant criminal charges against John Dance, the former principal partner of WealthTek LLP
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    FCA email management

    FCA’s email management changes

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    The Financial Conduct Authority (FCA) has announced a significant shift in how it manages emails, aiming to modernise record-keeping and
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    financial crime fine

    FCA fines Mako Financial Markets for failings related to cum-ex trading

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    The Financial Conduct Authority (FCA) has fined Mako Financial Markets Partnership LLP (Mako) £1,662,700 for significant failures in its financial
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    PSR delays regulatory requirements for Reimbursement Claims Management System (RCMS)

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    The Payment Systems Regulator (PSR) has issued an important update regarding the implementation of the Reimbursement Claims Management System (RCMS).
    Read More >
    FCA

    Concerns over FCA’s plans to publicise investigations

    The House of Lords Financial Services Regulation Committee has published a report raising significant concerns about the Financial Conduct Authority’s
    Read More >
    FCA CEO letter

    The FCA’s latest ‘Dear CEO’ letter – Key priorities for payments firms

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    The Financial Conduct Authority (FCA) has issued a new ‘Dear CEO’ letter (dated 3rd February 2025) outlining its priorities for
    Read More >
    FCA

    The FCA’s new portal for simplified access and reporting

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    The Financial Conduct Authority (FCA) is set to launch My FCA in spring 2025, a new online portal designed to
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    money mule financial crime

    Tackling money mule activity: Takeaways from the FCA’s review

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    The Financial Conduct Authority (FCA) has recently published its findings on how firms are using the National Fraud Database (NFD)
    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).