Trading yourself on behalf of clients.

IFAC can set you up to trade with a Payment Services licence as a Payment Institution - API or SPI, or as an e-money Institution - AEMI or SEMI

EMONEY - The application fee depends on whether you are a small EMI, which is 1090, or 5,440 if you are an authorised EMI.  

Payment Institution - The application fee depends on whether you are a small PI, which is 1090, up to 2,720 to 5,440 if you are an authorised PI.

IFAC charge an application fee for submission and offer an ongoing support service from approval. 

Post Authorisation

After authorisation we will continue to act for you as your compliance manager.

We have contact with you regularly and keep you acting in accordance with FCA rules. 

After authorisation we will submit FCA returns, discuss your processes, assist with the regulatory requirements for your business and give you a compliance management system BAT that will assist with your day to day compliance management.   The system will not trade for you but will keep a record of activities in line with FCA requirements.  The system will also record customer vulnerability online, and allow automatic sanction checks and the ability to undertake anti-money laundering checks.

FCA Application

We will get the application submitted after receiving all the relevant paperwork required from you. We have a large number of template documents that will need adjusting for you.

The FCA can take up to 6-12 months. 

The application process is rigorous and testing, and if you contact IFAC you can expect a similar standard applied - you'll know before the end of the phone conversation whether or not your application with the FCA will be successful. You will require external support. 

Next Steps

If you are keen to progress please sign the below link. We will be in touch with formal paperwork and start to build the application; the first step would be a formal discussion to go through the facts to enable us to help build the application.

Apply now