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UK Payment Processor License

UK Payment Processor License

The UK payment industry is a vast, complex and highly regulated place. It is therefore important to understand the necessary application procedure in place to acquire the relevant license. Knowing who the regulatory body for UK payment institutions is also essential as compliance with the rules and regulations as laid down by this regulatory body is paramount.

UK Forex Firms

The regulatory body responsible for the issuing of payment institutions licenses and monitoring of activity is the UK FCA (formerly FSA), also known as the Financial Conduct Authority. The UK FCA was established to provide a regulatory framework for all financial companies from rule making and investigatory practices, to powers of enforcement and ensuring statutory conditions are met.

The structure of the UK FCA is headed by the ‘Board’ of which decides on the overall policies and direction of which the FCA takes.

The scope of the FCA regulates exchanges, financial companies and financial services markets.

Obtaining a UK payment institutions licenses

To obtain UK payment institutions licenses the first thing you must do is create a UK company for the purpose of engaging in money transmission activity in the UK. On completion of the company formation, an application for the license is needed. This application typically requires certain documents to be submitted to the UK FCA, These documents are the company Memorandum and Articles of Association, and company manuals for internal and external procedures. You may also need to submit results of your fit and proper test.

The application procedure for applying for a UK payment institutions license is complicated and time consuming, thus enlisting the support of YourOwnBrokerage to guide you through the entire application procedure will ensure that you follow all the correct procedures and supply the correct documents to the UK FCA.