As part of the Payment Services Regulation 2009 all firms that fall under the definition of Payment Institution must either:
- Take advantage of transitional provisions
- Apply to become an Authorised Payment Institution
- Apply to become a Small Payment Institution
In addition firms that are Payment Institutions must comply with the following:-
- Conduct of Business Rules – since 1st November 2009
- Reporting requirements for the Payment Service Regulations 2009 via the Gabriel reporting system
Firms that have taken advantage of the transitional provisions must either have:
- Been approved as a Authorised Payment Institution on or before 1st May 2011
- Been approved as a Small Payment Institution on or before 25th December 2010
- Cease providing payment services
CAML Global recommend that applications for both Authorisation and registration as a Small Payment Institution are submitted at least three months prior to the above dates.
The FS A have three months upon which to respond to any application providing the application is complete.
What CAML Global can do:-
- Compile and submit application for Authorisation which includes dealing with any post submission queries
- Compile and submit application for Small Payment Institution which includes dealing with any post submission queries
- Review and advise on completed applications prior to submission
- Advise on capital requirements for the Payment Services Regulation application
- Complete annual return that is required via Gabriel
- Advise on the Conduct of Business Requirements that have been in place since 1st November 2009