Find out what conditions you must meet to become a RAISP, and what to include in your application to be registered with us.
On this page
To be a RAISP, the only payment service your firm can provide is account information services (AIS). If you intend to provide AIS alongside other payment services, you'll need to apply to become an authorised payment institution.
Conditions you must meet
To become a RAISP, you must:
- not provide any payment service other than AIS
- hold relevant professional indemnity insurance or a comparable guarantee
Registering people to manage your RAISP
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 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 registered services.
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 detailed application information