Small payment institution in the United Kingdom

About This Company

The Financial Conduct Authority assesses and approves proposed owners before ownership transfers in a regulated business. Acquirers seeking to buy a small payment institution in the United Kingdom must submit a formal notification under the Financial Services and Markets Act 2000. Approval from the London supervisor is mandatory before acquiring or increasing control. For payment institutions, statutory control thresholds trigger at 10%, 20%, 30% and 50% of shares or voting rights, or upon becoming a parent undertaking. Under FSMA Section 189, the statutory assessment period lasts 60 business days from the formal acknowledgment of a complete notification. The authority may pause this review clock once for up to 30 business days when seeking supplementary information from the applicant. Proceeding without written clearance creates significant legal peril. Section 191F of FSMA 2000 establishes that acquiring control without prior regulatory approval constitutes a criminal offence. Prospective buyers should note that this registration operates under the Payment Services Regulations 2017 (SI 2017/752), carrying an annual periodic fee of GBP 646 under Fee-block G.3. Authorisation remains purely domestic and does not passport into other jurisdictions.