News & Resources



FCA Trends:  Growing Focus on Culture for FCA Regulated Firms

In the past, the FCA’s interest in organizational culture has largely been focused on preventing
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FCA lays out future challenges and priorities

Nikhil Rathi, CEO of the Financial Conduct Authority (FCA), laid out the future challenges and
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The Importance Of An EU License Post Brexit

Regardless of your opinion on Brexit, many can agree that the withdrawal of the UK
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FCA issues fresh warning on ‘pump and dump’ crypto scams

The Financial Conduct Authority (FCA), the UK’s financial regulator, has had to issue a new
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Binance ‘Not Capable’ of Supervision in the UK According to FCA

Britain’s market regulator, the FCA, has cracked down on a cryptocurrency firm after discovering that
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Digital Bank

Monzo is being investigated by FCA over potential financial crime

According to recent reports, the Financial Conduct Authority (FCA) is currently investigating a British digital
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The Challenges of Compliance in 2021 [Infographic]

2020 proved to be a rough year for the financial services industry, with the Covid-19
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The FCA issues warning to banks over financial crime and AML failings

The FCA issues warning to banks over financial crime and AML failings

In a recent letter, the Financial Conduct Authority has warned retail banks about continuing weaknesses
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Operational Resilience

New FCA Consultation on Operational Resilience

Initiatives for operational resilience help businesses with risk appetite and risk tolerance, preparing them for
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What is a Compliance Consultant? | A Neopay Guide

Compliance is a key issue for many money issues and payment institutions. Companies often have
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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).