Notify us of entry into supervised run-off

Find out how to notify us that your firm has entered the supervised run-off (SRO) mechanism of the financial services contracts regime (FSCR).

EEA authorised payment institutions, EEA authorised e-money institutions and EEA registered account information service providers must notify us that they are providing payment/e-money services in the UK in the SRO.

EEA authorised payment institutions and EEA registered account information service providers

If you’re one of these firms, you will have entered the SRO mechanism if:

  • immediately before the end of the transition period you were providing payment services in the UK through a branch or agent in the UK in the exercise of a passport right; and
  • immediately after the end of the transition period you were not a UK authorised payment institution or a UK registered account information service provider (other than under Part 3 of the Regulations); and
  • immediately after the end of the transition period you have outstanding obligations under contracts that were entered into as an EEA authorised payment institution or an EEA registered account information service provider exercising passport rights

If this is the case, you should notify us, as set out in our direction, that your firm has entered the SRO mechanism as soon as possible, or in any event within a month of becoming aware of an obligation under a pre-existing contract.

EEA authorised e-money institutions

If you’re one of these firms, you will have entered the SRO mechanism if:

  • immediately before the end of the transition period you were providing electronic money issuance or payment services through a branch or agent in the UK in the exercise of a passport right; and
  • immediately after the end of the transition period you were not a UK authorised electronic money institution (other than under Part 1A of the Regulations); and
  • immediately after the end of the transition period you have outstanding obligations under contracts that you entered into through a branch or agent in the UK as an EEA authorised electronic money institution exercising passport rights, or any unredeemed electronic money issued by that branch or agent

If this is the case, you should notify us, as set out in our direction, that your firm has entered the SRO mechanism as soon as possible, or in any event within a month of becoming aware of an obligation under a pre-existing contract.

How to notify us of entry into SRO

If either scenario above applies to your firm, you must notify us by completing an SRO notification form and emailing it to [email protected].