News & Resources

    APP Fraud

    How fraudsters target UK consumers in the digital age

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    In today’s increasingly digital world, fraudsters continue to adapt and exploit vulnerabilities, with Authorised Push Payment (APP) scams posing one
    Read More >
    FCA Implements Stricter Rules for Marketing Cryptoassets

    FCA seeks feedback on plans to enhance transparency in the UK’s crypto markets

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    The Financial Conduct Authority (FCA) has launched Discussion Paper DP24/4 to gather insights and feedback on its proposals for improving
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    consumer duty

    Insights from the FCA’s latest Consumer Duty reports

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    The Financial Conduct Authority (FCA) continues its commitment to guiding firms on embedding the Consumer Duty by publishing two insightful
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    financial crime

    How Neopay can help firms adapt to FCA’s updated Financial Crime Guide

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    The Financial Conduct Authority (FCA) has issued important updates to its Financial Crime Guide, following a public consultation on proposed
    Read More >
    data protection

    Data protection enables responsible information sharing to combat scams and fraud

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    In a world increasingly driven by digital interactions, scams and fraud remain significant challenges, with fraud accounting for 39% of
    Read More >
    FCA

    MPs call for urgent FCA reform

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    A recent report from the All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services has sparked widespread debate,
    Read More >
    FCA's proposed changes to the safeguarding regime

    Enhancing consumer protection: FCA’s proposed changes to the safeguarding regime

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    The UK’s financial ecosystem is evolving rapidly, and with it comes the need for robust safeguarding measures to protect consumer
    Read More >
    Operational Resilience

    New Operational Resilience Rules for Critical Third Parties to come into force on 1st Jan 2025

    The Bank of England, Prudential Regulation Authority and the Financial Conduct Authority (FCA) have issued a joint Policy Statement on
    Read More >

    UK Government’s Payments Vision to boost growth in UK payments

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    To support the payments sector in delivering economic growth, the government has published the National Payments Vision, setting out its
    Read More >

    FCA authorisations: Are things really improving?

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    The Financial Conduct Authority (FCA) have been publicising the improvement in its authorisation metrics alongside the changes being brought about
    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).