If your firm provides payment services in the UK — executing transactions, issuing payment instruments, money remittance, or account information services — you'll need authorisation under the Payment Services Regulations 2017.
Who needs PI authorisation?
Firms providing payment services without issuing e-money. The PSRs define eight categories. A small PI can register if monthly transactions don't exceed €3 million, but most firms with growth plans seek full authorisation.
Requirements
Capital: €20,000 (remittance), €50,000 (PIS), €125,000 (other services). Safeguarding applies to firms holding customer funds — segregation by end of next business day. Fit and proper requirements for senior management.
Agent networks
Many PIs operate through agents. The FCA expects robust oversight: due diligence, monitoring, training, and termination capability. The PI remains responsible for agent conduct.
Timeline and costs
Statutory three months, typically six to twelve months. Fees around £1,500. Professional costs £10,000–£35,000.
Common pitfalls
Safeguarding weaknesses, AML deficiencies for remittance firms, and underestimating ongoing capital requirements as volumes grow.
How Complizoom helps
Our PI packages provide the complete documentation set tailored to your payment services business model.
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