The FCA has published the following webpages in the light of changes brought about by the revised Payment Services Directive (PSD2):
- a webpage on applying to become a payment institution, together with a webpage on authorisation and registration for payment institutions. The FCA strongly encourages firms to make their application on or after 13 October 2017 when applications can be submitted under the Payment Services Regulations 2017 (PSRs 2017). If, however, a firm decides to apply before then under the Payment Services Regulations 2009 (PSRs 2009) and the FCA has not determined the application by 13 January 2018, it will treat the application as being made under the PSRs 2017. If the FCA determines the application under the PSRs 2009 by 13 January 2018, the firm will need to submit an application to re-register or become re-authorised under the PSD2 and PSRs 2017, and pay an additional application fee; and
- a webpage on applying to become an electronic money institution, together with a webpage on authorisation and registration for electronic money institutions. Firms will be able to submit applications under PSD2 and the amended Electronic Money Regulations 2011 (amended EMRs), from 13 October 2017, giving firms the opportunity to be registered or authorised under the new regime from 13 January 2018. Rather than applying under the current EMRs, the FCA strongly encourages firms to make their application under PSD2 and the amended EMRs on or after 13 October 2017. If firms decide to apply under the current EMRs and the FCA has not determined the application by 13 January 2018, the FCA will treat the application as being made under the amended EMRs. If the FCA has determined applications under the current EMRs by 13 January 2018, firms will need to submit an application to re-register or become re-authorised under PSD2 and the amended EMRs, and pay an additional application fee.
View FCA webpage: Apply to become a payment institution, 8 September 2017
View FCA webpage: Authorisation and registration: payment institutions, 8 September 2017
View FCA webpage: Apply to become and electronic money institution, 8 September 2017
View FCA webpage: Authorisation and registration: electronic money institutions, 8 September 2017