Find out how an electronic money or payment institution (PI) can change its legal status with us, the evidence it needs to provide and the forms it needs to complete to transfer to a new registration or authorisation.
If you plan to change the legal status of your e-money or payment institution, for example from a partnership to a limited company, you must apply to us before you change status.
We’ll cancel the existing registration or authorisation and arrange for the registration or authorisation of the new business.
Tell us about your new business
Delivering the same payment services or fewer
If you’re offering the same payment services or fewer, you must complete and submit an application via Connect[4]:
As we already know your e-money or PI business, the forms are shorter than a full registration or authorisation and the fees are less.
Providing different payment services
If your new business will offer e-money or payment services that you are not currently registered or authorised to provide, you must apply using our online system Connect[7] to apply to become an electronic money or a payment institution[5].
Submit your application to change legal status
Post the application to:
Payment Services Team, Authorisations Division, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN
You must send:
- the application form
- changes in PSD individual forms, if applicable
- changes in qualifying holding forms, if applicable
- changes in PSD agent forms, if applicable
- an amend standing data form, if applicable, and
- a cheque for the application fee
Fees
The application fees for an authorised e-money firm or PI to change its status vary. Full details are provided in the application form.
Our handbook also provides further information on fees[6].
All application fees are non-refundable.
How long it takes
Although the standard timescales apply for registration or authorisation of a new firm (3 months from receipt of a complete application, 12 months for incomplete), we would expect to be able to assess a change of legal status application more quickly as we already know your EMI or PI business.
Refusing applications
We will contact you if we have concerns about the changes you are making to your firm, for example changes to firms or people with qualifying holdings, which might suggest that the firm is unable to satisfy the conditions of registration/authorisation.
Contact details
You can contact us[7] by:
- phone on 0300 500 0597
- email on [email protected]
- post: Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN
Helpful information
Further information can be found in Chapter 4 of The FCA’s role under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011[8].
