News & Resources

    HM Treasury Updates High-Risk Third Countries List

    HM Treasury updates high-risk third countries list: immediate actions for firms

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    On 5th December 2023, HM Treasury unveiled a revised list of high-risk third countries, aligning with the latest recommendations from
    Read More >
    A guide to navigating skilled person reviews

    A guide to navigating skilled person reviews

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    The Financial Conduct Authority (FCA) employs skilled person reviews, also known as Section 166 reviews, to assess and rectify concerns
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    financial crime compliance

    The escalating costs of global financial crime compliance

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    The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the
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    Safeguarding: Is your firm compliant?

    Safeguarding: Is your firm compliant?

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    With the Financial Conduct Authority (FCA) paying more and more attention to firms safeguarding arrangements to ensure customer funds are
    Read More >
    FCA Reg Data Platform

    FCA’s Deadline for Reg Data Platform Registration

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    As part of the Government’s initiative to combat economic crime, the Financial Conduct Authority (FCA) is reaching out to firms
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    fca fraud review

    FCA review: firms must strengthen anti-fraud measures and victim support

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    With digital transactions increasingly becoming the norm, the importance of safeguarding consumers against fraud has never been more critical. Recognising
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    FCA Consumer Duty

    Consumer Duty: Not once and done

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    In a recent speech on 1st November, Nisha Arora, Director of Cross Cutting Policy and Strategy at the FCA, highlighted
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    Skilled Person Reviews (S166) – Latest Payment Sector Data

    Skilled Person Reviews (S166) – Latest Payment Sector Data

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    The Financial Conduct Authority (FCA) holds the authority to seek an external viewpoint on a regulated firm’s activities by engaging
    Read More >
    Protecting Against Money Mules: Insights from the FCA's Review

    Protecting Against Money Mules: Insights from the FCA’s Review

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    In October 2023, the Financial Conduct Authority (FCA) unveiled the findings of a comprehensive multi-firm review targeting payment account providers.
    Read More >
    FCA application process

    How the FCA Is Making Form Filling Easier for Applicants

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    The Financial Conduct Authority (FCA) plays a crucial role in maintaining the integrity of the financial services industry in the
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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).