Payment Services
The Payment Services Directive comes into force from 1st November 2009, and applications may be submitted from May 2009.
Firms with payments of > Euro3m/month will need to apply to become Authorised Payment Institutions, while those with less than this amount may register as a Small Payment Institution, which is a significantly less onerous process.
The implications for firms that have not previously been authorised is that they will need to adjust to being regulated by the FSA. The application process for larger firms involves submissions of a number of documents and application forms which will show the FSA the control that the applicant has over their business, demonstrates their risk management control, their business plan, level of regulatory capital and other items.
Compliancy Services are already working with a number of payment services providers and are able to use their significant experience of managing FSA applications for the benefit of firms applying to become authorised for the first time.
