News & Resources

    Financial industry governance

    FCA imposes first ever £3.5m fine for breach of financial crime controls

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    CB Payments Limited (CBPL), a subsidiary of the globally recognised cryptoasset trading platform Coinbase, has been fined £3,503,546 by the
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    Politically Exposed Persons (PEPs) FCA guidelines

    FCA calls for improved handling of PEPs by financial firms

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    The Financial Conduct Authority (FCA) has instructed financial firms, including banks, payment firms, and lenders, to enhance their treatment of
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    What’s happening with the FCA and AML?

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    With the change in the anti-money laundering (AML) supervisory approach of the Financial Conduct Authority (FCA), many firms are nervous
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    Reminder: Consumer Duty board reports due 31 July 2024

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    As the one-year mark of the Consumer Duty’s implementation approaches, firms are reminded that the first board reports on Consumer
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    FCA’s multi-firm review: key findings on Consumer Duty outcomes monitoring

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    The Financial Conduct Authority (FCA) recently published the results of a multi-firm review focusing on outcomes monitoring under the Consumer
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    FCA Authorisations: How are things changing? Are things improving?

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    The FCA is focusing on improving its authorisation processes. Taking steps to overcome some of the problems firms have experienced
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    Change in Control

    Change in Control: what you need to know

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    In recent years, the process of obtaining authorisation from the Financial Conduct Authority (FCA) has become increasingly stringent. The FCA’s
    Read More >

    FCA Supervisory Activity Infographic

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    The Financial Conduct Authority (FCA) significantly increased its anti-money laundering (AML) and counter-terrorist financing (CTF) supervision activity in 2022-23. During
    Read More >
    Preparing for FCA authorisation

    Preparing for FCA authorisation: what you need to know

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    Are you considering applying for authorisation from the Financial Conduct Authority (FCA) for your firm? If so, you’re stepping into
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    CA’s proposed updates to the Financial Crime Guide

    Understanding the FCA’s proposed updates to the Financial Crime Guide

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    The Financial Conduct Authority (FCA) is proposing significant updates to its Financial Crime Guide. These updates are particularly focused on
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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).