Timeframe
The application for a new Small Payment Institution (SPI) license in the UK can be complex and hard to navigate for inexperienced applicants. Our experts are available to help you finish the process quickly and seamlessly. After you have completed your application for the UK SPI License, you should hear back from our representative in 7-10 working days. We shall then assist you with making an application for your UK SPI License to the FCA. Unlike the UK API License, the UK SPI License is quicker to obtain. This means that if your application is complete and that if you have submitted all relevant documentation to us by the specified date, you should receive a decision within three months. Applications that are incomplete may take up to six months to receive an outcome, which is why we recommend that you work closely with us and submit everything in a timely manner.
Additional Services
We assist our clients with the UK SPI Licensing process, which means that we are with you every step of the way. A voluntary requirement of the licensing process is safeguarding customer funds. While it is voluntary, we recommend that you do it. We can help you set up your safeguarding account through one of our partner banking institutions. As a business which is applying for a UK SPI License, it is understood that your firm is just starting out in the financial market, and we would like to offer our support in every way possible. This ranges from, but is not limited to, development of business plans, procedures to adopt in event of a complication, making an informed choice when selecting a sponsoring or partnering institution as well as obtaining all relevant licenses and registrations.
—
This page was last updated on June 7, 2023.
–