A UK FCA-authorised Payment Institution (PI) can provide payment initiation, account information, money remittance, merchant acquiring and other regulated payment services across the UK and beyond.
The Payment Services Regulations 2017 (PSR 2017) implement PSD2 in the UK and require FCA authorisation for firms providing payment services commercially. Regulated activities include payment account services, payment initiation, account information, money remittance, and merchant acquiring. The FCA distinguishes between Authorised Payment Institutions (full scope) and Small Payment Institutions (below transaction thresholds).
Marensa Advisory advises on FCA PI authorisation, safeguarding policy design, operational resilience frameworks, and ongoing regulatory reporting — from initial application through to post-authorisation compliance.
Discuss Your PI ApplicationThe FCA scrutinises safeguarding arrangements and AML controls most heavily in PI applications. Getting these right before submitting saves significant time.
FCA PI applications are frequently delayed by incomplete safeguarding arrangements, weak AML/CFT programmes, or poorly structured business plans. The FCA issues detailed RFIs and expects comprehensive responses.
Marensa Advisory prepares PI applications with the rigour the FCA expects — covering safeguarding, AML, operational resilience and financial projections in a single coherent package.
Start the ConversationNo. Providing regulated payment services commercially in the UK without FCA authorisation or registration is a criminal offence under the PSR 2017. Small PIs must at minimum register with the FCA.
Typically 9–15 months from a complete application. The FCA has a 3-month determination period once it deems an application complete, but reaching "complete" status can take several months of back-and-forth.
If you are providing regulated payment services to UK customers from outside the UK, you may fall within FCA jurisdiction depending on the service type and where the regulated activity is deemed to occur. UK regulatory advice should be sought.
A Payment Institution can provide payment services but cannot issue electronic money (store value). An Electronic Money Institution (EMI) can do both. If your product involves prepaid wallets or stored value, you likely need EMI authorisation, not PI.