Find out what conditions you must meet to become a payment institution (PI), and what to include in your application to be authorised by us or registered with us.
On this page
This page provides extra information if you're applying to be:
- authorised as an authorised payment institution (API), or
- registered as a small payment institution (SPI)
Conditions you must meet
Registering people to manage your API or SPI
You must register all of the:
- members of your management board – ie the directors if you're a limited company or the members if you're a limited liability partnership (LLP)
- management staff – usually this will include your Head of Compliance and/or Money Laundering Reporting Officer (MLRO)
- other people who are responsible for managing your firm's regulated/registered activities
- you don't need to register staff that aren't directly responsible for these activities
You must also notify us in advance of any changes in the people responsible for your regulated/registered services.
Registering people with qualifying holdings
You must complete a form on Connect for each person or firm with a ‘qualifying holding’ in your firm. This is when the person or firm represents:
- 10% or more of the capital or voting rights, or
- less than 10% of the capital or voting rights, but can exercise significant influence
Use the relevant form below depending on whether the person or firm with a qualifying holding is an individual, incorporated company, partnership or trust.
Once your firm is authorised or registered, you must register with us any agents who'll provide payment services on your behalf.
To do this, you'll need to complete a form in Connect to provide details of the agent(s) you're proposing to appoint and the arrangements you have in place to oversee them.
To help you prepare in advance, you can refer to a copy of this agent form.
29/07/2020: Information added links added to information to read before applying
15/07/2020: Link changed Link to EMD Individual Form - Notes updated