Varying your payment services

See how to register changes in your payment services, including offering new payment services, changing payment services and stopping payment services.

You’re changing your services if you:

  • provide new payment services (for example, you want to offer payment initiation services from 13 January 2018)
  • stop providing payment services (for example, stopping a direct debit service), or
  • are an authorised payment institution (PI) and change a requirement to your payment services (for example, you impose or remove a requirement)

To change your payment services, complete a variation of permission application via Connect.

Capital requirements for authorised PIs

If you’re an authorised PI and apply for a variation to your services, you need to consider whether your capital requirements (the capital you must hold to satisfy regulatory conditions) will change. When we assess your application we’ll contact you if we think you need to do anything further.

How long it takes to process your application

We’ll decide on a change of payment services application within:

  • three months from receiving the application (for complete applications)
  • 12 months from receipt (for incomplete applications)

Fees

Full details of the relevant fees can be found in the application form. There’s no fee if you are removing payment services.

Penalties

You must be granted a variation of payment services before you start providing any new payment services, otherwise you are in breach of the Payment Services Regulations and we can impose penalties.

Further information

You can find further information in Chapter 4 of Payment Services and Electronic Money –
Our Approach
.