A Small Payment Institution in the UK is issued by the FCA which currently regulates about 59,000 firms. A SPI license in the UK enables you to offer a lot including depositing and withdrawing money from a payment account, execution the transfer of funds, issue payment instruments and remit money in amounts of less than £3 million per month. The FCA can give different directions and impose different requirements depending on the category of application.
For you to be licensed as a payment institution in the UK , you should provide information on the following:
- what payment services you want to provide
- who’ll be responsible for providing the services (for example, if a manager or an agent is acting on your behalf)
- details of any person or firm with 10% or more of the capital or voting rights in your firm
Application is done through the FCA’s Connect platform. It can be daunting and hard to navigate for beginners but you can contact our experts for a flawless process.
This page was last updated on September 8, 2022.