RAISP/PSD

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Under FCA rules you need permission to provide bank account information on your website.

And if you achieve that, you can call yourself a 'Registered Account Information Service Provider' (RAISP).

This is a significant application and requires help from consultants like us!

If you want to provide payment services such as initiate payments or hold money for your customers it will be somewhat more complicated (and costly)

IFAC FEES for helping - £200 pm from submission to FCA onwards, including ongoing support for 12 months. This oversight gives you and the FCA comfort that you have a compliance officer overseeing the ongoing activity.

This is the same fee as for PSD firms, including small SPI firms.

Full API firms pay us £400 pm from authorisation onwards.

Don't forget, gettting the licence is just the start of your difficulties with the regulator! THat is why we charge a monthly ongoing fee. We know something that you don't know! Namely that you will need consultancy support on an ongoing basis for years to come to continue to satisfy the FCA that you are doing things right.

FCA application fee? £1,500

Ongoing regulatory fees? -fee-calculator -fee block G003

Personal Indemnity Insurance? - £2k starting point.

Speak to charlie.palmer@ifac.eu in the first instance.