News & Resources

    AI

    FCA to launch live AI testing service

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    The Financial Conduct Authority (FCA) is set to launch an innovative live AI testing service aimed at helping firms deploy
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    Guidance on the failure to prevent fraud offence

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    The Serious Fraud Office (SFO) has released updated guidance encouraging companies to promptly self-report suspected fraud or misconduct. This new
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    UK Card Payments and Contactless Transactions Reach New Milestones in 2024

    The UK’s payment landscape in 2024 has seen unprecedented growth, with both card payments and contactless transactions hitting significant milestones.
    Read More >

    UK Strengthens Support for Syrian People by Amending Syria Sanctions

    In a significant move to help the people of Syria rebuild their country and economy after the fall of Assad,
    Read More >
    Monet laundering

    NCA targets barbershops in major operation against money laundering and modern slavery

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    In a show of force for cross-agency collaboration, the National Crime Agency (NCA) has spearheaded a widespread crackdown on high
    Read More >

    FCA Increases Global Footprint with New United States and Asia-Pacific Offices

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    In a significant step to strengthen global cooperation and enable cross-border financial services, the Financial Conduct Authority (FCA) has announced
    Read More >
    Safeguarding

    Understanding the FCA’s Proposed Changes to Safeguarding: An expert interview

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    As the Financial Conduct Authority (FCA) has proposed significant changes to the e-money and payment companies’ safeguarding regime, there are
    Read More >
    financial crime fine

    Another Revolut Fine – This Time from the Central Bank of Lithuania

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    On 8 April 2025, the Bank of Lithuania imposed a €3.5 million penalty on Revolut Bank UAB – the largest
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    FCA

    FCA Desk-Based Reviews: Insights and Compliance Challenges

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    The UK’s Financial Conduct Authority (FCA) significantly increased its supervisory activity on firms’ anti money laundering and terrorist financing (AML/CTF)
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    UK Government announces merger of PSR into FCA

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    The UK Government has announced plans to integrate the Payment Systems Regulator (PSR) into the Financial Conduct Authority (FCA) as
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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).