Situation

An international payments company was looking to expand their operations into the UK market. To do this, they needed to become an authorised payment institution under the regulatory oversight of the Financial Conduct Authority (FCA). Obtaining the proper licensing would enable them to provide payment services in compliance with UK regulations.

Task

MEMA Consultants was engaged to provide end-to-end project management and advisory services to guide the client through the FCA application and licensing process. Our role was to ensure they had the proper controls, policies, and procedures in place to meet regulatory obligations and successfully launch their UK business.

Outcome

Working closely with the client, our team of experts provided crucial guidance at each stage of the process:

- Conducted an in-depth review of their business plan, analysing the UK payments market landscape and making recommendations to optimise the plan to meet their goals.

- Enhanced their control framework by assessing existing controls, identifying improvements, and developing a comprehensive plan aligned with FCA requirements.

- Supported the development of tailored senior management forms to strengthen governance.

- Advised on meeting capital and reporting requirements based on financial analysis.

- Acted as liaison for FCA application, providing guidance on process and preparation.

Through our end-to-end advisory services, the client was able to successfully achieve FCA authorisation just 9 months after engaging MEMA Consultants. This enabled the timely launch of their UK payments business within budget.

‍

‍

‍