Authorisation and registration: payment institutions

Firms that provide payment services must be authorised or registered by us, comply with our conduct requirements and give us information that allows us to regulate their businesses accurately.

If your firm provides payment services, it must:

  • be registered or authorised by us, unless you’re exempt
  • meet the conduct of business requirements of the Payment Services Regulations 2009 (the PSRs)
  • provide us with annual ‘reporting information’ so we can supervise your business (for example, details of the value of your payment transactions)
  • keep us informed of any changes in your firm (for example, if you want to vary the payment services you provide)
  • ensure that your customers’ payments are secure and safe

This includes:

  • money remitters
  • non-bank credit card issuers, and
  • non-bank merchant acquirers

Registration and authorisation

Firms that do not need to register or be authorised

You don’t need to register or be authorised under the PSRs if your firm is a:

  • credit union
  • bank
  • building society
  • e-money issuer
  • municipal bank, or
  • the National Savings Bank

Firms that need to be registered

If your firm operates below an average monthly turnover of €3m, it may register as a small payment institution (SPI).

Firms that need to be authorised

You can apply to become an authorised PI if your firm:

  • doesn’t qualify as an SPI, or
  • wants to provide payment services in other European Economic Area (EEA) member states

If you are unsure whether your activities fall within the scope of the PSRs, consult our Perimeter Guidance.

What we need from you for registration or authorisation

When you apply for registration or authorisation, you must tell us (among other things):

  • what payment services you want to provide
  • who’ll be responsible for providing the services (for example, if a manager or an agent is acting on your behalf)
  • details of any person or firm with 10% or more of the capital or voting rights in your firm
  • whether or not you want to operate in other EEA states

Conduct of business requirements

All PIs must comply with the conduct of business requirements set out in the PSRs. These fall into 2 categories:

  • information to be provided to the customer before and after carrying out a payment, and
  • the rights and obligations of both the PI and the customer regarding payment transactions

More information is available in Chapter 8 of Our role under the Payment Services Regulations 2009: Our approach.

Reporting requirements for authorised or registered PIs

Authorised and registered PIs must:

  • provide regular reporting information to comply with our supervisory and EU reporting obligations
  • send ‘notifications’ when there’s a significant change in the firm’s circumstances

Notify changes in circumstances

We need accurate information on PIs to monitor your business. It is important that you tell us if you make changes to your business, such as:

Security of internet payments

The European Banking Authority (EBA) has published its final Guidelines on the security of internet payments.

Read our response:


Contact details

You can contact us by:

  • phone: 0300 500 0597
  • post: Financial Conduct Authority, 25 The North Colonnade, London E14 5HS