News & Resources

    Fintech Integrated Managed Service

    Why Risk Assessments Fail in Practice

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    Most regulated firms understand the importance of risk assessments. Business-Wide Risk Assessments (BWRAs) and Customer Risk Assessments (CRAs) are well-established
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    Protecting Against Money Mules: Insights from the FCA's Review

    UK Finance Fraud Report 2026: Payment Fraud Losses Reach £1.28 Billion

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    UK Finance has published its Annual Fraud Report 2026, revealing that criminals stole £1.28 billion through payment fraud in 2025,
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    FCA Sanctions Review: Key Lessons for Firms

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    The Financial Conduct Authority (FCA) has released its latest review of firms’ sanctions systems and controls, identifying common weaknesses across
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    FCA Safeguarding rules

    REP027 Explained: What UK Payment and E-Money Firms Need to Do Now

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    The FCA has introduced a major change to safeguarding oversight for UK payments and e-money firms. Starting 7 May 2026,
    Read More >
    AML failures and compliance risks beyond financial penalties

    Beyond the Fine: What Really Happens When AML Goes Wrong

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    AML fines often dominate headlines, with regulators across the globe issuing increasingly large penalties for failures in financial crime controls.
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    AI and compliance

    FCA Signals Strong Support for Fintech Innovation and AI-Driven Future

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    The Financial Conduct Authority (FCA) has shared its plans for the next stage of fintech innovation, focusing on artificial intelligence,
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    consumer duty

    FCA: Consumer Duty Board Reports Improving, but Further Progress Needed

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    The Financial Conduct Authority (FCA) has published a speech by Jonathan Pearson outlining progress made in the second year of
    Read More >
    FCA open finance

    FCA sets out vision for open finance to empower consumers and businesses

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    The Financial Conduct Authority (FCA) has published its vision for open finance, outlining how consumers and businesses could gain greater
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    FCA

    FCA’s Next Phase of Regulation: What It Means for Payments & E-Money Firms

    The Financial Conduct Authority (FCA) has set out its 2026/27 work programme, outlining a clear shift towards becoming a smarter,
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    Key Takeaways from the FCA’s Latest Payments Speech: What Firms Should Be Preparing For

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    At the MoneyLIVE Summit 2026, David Geale, Executive Director of Payments and Digital Finance at the Financial Conduct Authority (FCA)
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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).