Authorised electronic money institution in the United Kingdom

About This Company

UK electronic money authorisations carry recurring regulatory fees. Under Fee-block A.0, the Financial Conduct Authority collects a GBP 2,000 standard minimum fee alongside a GBP 2,043 extra fee for large electronic money institutions under Fee-block G.10. An additional variable levy applies to the business based on average outstanding electronic money. That financial commitment transfers to any new owner together with the permission set under the Electronic Money Regulations 2011. The permissions cover issuing electronic money, execution of payment transactions, money remittance, issuing payment instruments, acquiring payment transactions, payment initiation services and account information services. This authorisation remains domestic and does not passport into other jurisdictions. A buyer must obtain supervisory approval from the authority in London before acquiring stakes crossing 10%, 20%, 30%, and 50% of voting rights or shares under FSMA 2000 Section 191F. Taking control without prior clearance constitutes a criminal offence. Assessment runs for 60 business days under FSMA Section 189, pausable once for up to 30 business days if officers ask for details. Before executing purchase contracts, the buyer should inspect the Financial Services Register using the firm's 6-digit reference number to review permissions, trading names and any recorded supervisory restrictions.