Payment institution authorised in 9 months after its application stalled
A payment institution's application had stalled after case-handler problems and the loss of key staff. MEMA got it moving again, and the firm was authorised in 9 months.
- 9 monthsTo authorisation
- AuthorisedFull PI permissions
The challenge
Midway through its application under the Payment Services Regulations 2017, the firm ran into difficulties with its FCA case handler and lost key personnel. Both the timeline and the outcome were at risk.
Regulatory context
Authorisation as a payment institution under the Payment Services Regulations 2017, including an FCA interview with the proposed senior management.
What we did
- Strengthened the business plan, safeguarding arrangements and governance framework behind the application
- Advocated for the firm with the FCA and secured a change of case handler
- Kept the application on track through changes in senior personnel
- Prepared the COO for the FCA interview
- Managed the application end to end, through to the FCA's decision
The outcome
Full FCA authorisation as a payment institution.
Authorised in 9 months, despite the setbacks.
Client details are presented to protect confidentiality. Outcomes reflect specific engagements and are not a guarantee of results, as every firm's circumstances differ.
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