How a payment institution can change its legal status with us, the evidence it needs to provide and the forms it needs to complete to transfer to a new registration or authorisation.
If you plan to change the legal status of your payment institution, for example from a partnership to a limited company, you must apply to us before you change status.
We’ll cancel the existing registration or authorisation and arrange for the registration or authorisation of the new business.
Providing different payment services
If your new business will offer payment services you are not currently registered or authorised to provide, you must apply using our online system, Connect, to:
- register to become a small payment institution, or
- apply to become an authorised payment institution
Delivering the same payment services or fewer
If you’re offering the same payment services or fewer, you must complete and submit:
- a small PI change of legal status form (if you’re a small PI), or
- an authorised PI change of legal status form (if you’re an authorised PI)
As we already know your PI business, the forms are shorter than a full registration or authorisation and the fees are less.
Tell us about your new business
The new legal status of your company
The change of legal status application requires you to provide evidence of your change of legal status, for example your new Companies House incorporation number.
Change in business managers, agents or qualifying holdings
You must notify us of changes to people responsible for operating your payment services or if you use different agents.
Change in qualifying holdings
If the qualifying holdings have changed in your new firm, you must tell us of the changes in the qualifying holdings.
Change in business details
If your basic details have changed, for example your trading name or contact details, complete a changing standing data form.
Submit your application to change legal status
Post the application to:
Payment Services Team, Authorisations Division, Financial Conduct Authority, 25 The North Colonnade, London E14 5HS
You must send:
- the application form
- changes in PSD individual forms, if applicable
- changes in qualifying holding forms, if applicable
- changes in PSD agent forms, if applicable
- an amend standing data form, if applicable, and
- a cheque for the application fee
The fee for a small PI to change its status is £250.
The application fees for an authorised PI to change its status vary according to the number of payment services the firm provides. Full details are provided in the application form.
All application fees must be by cheque and are non-refundable.
How long it takes
Although the standard timescales apply as for registration or authorisations of a new firm (3 months from receipt of a complete application, 12 months for incomplete), we would expect to be able to assess a change of legal status application more quickly as we already know your PI business.
We will contact you if we have concerns about changes you are making to your firm, for example changes to firms or people with qualifying holdings, which might suggest that the firm is unable to satisfy the conditions of registration/authorisation.
You can contact us by:
- phone on 0300 500 0597
- email on [email protected]
- post: Financial Conduct Authority, 25 The North Colonnade, London E14 5HS
Further information can be found in Chapter 4 of The FCA’s role under the Payment Services Regulations 2009: Our approach.