Electronic Money Institutions

Application

See becoming a small EMI.

A number of firms offering Prepaid card accounts seem to operate as EMIs (e.g. Cashplus). Our understanding is that these do not count as accepting deposits, because customers are purchasing e-money and not just handing their money over temporarily to the institution for safe-keeping.

Application form

1. Contact details
2. About the applicant firm
3. Conditions for registration

• Must be also be registered under the Money Laundering Regulations (£100 application fee)

4. Business plan
5. Capital resources & requirements

• Initial capital of at least 2% of its average outstanding e-money, where the business activities generate average outstanding e-money of €500,000 or more.

6. Governanace arrangements
7. Safe-guarding
8. Personnel
9. Qualifying holdings
10. Unrelated payment services
11. Fees and levies

• FCA Fees - fee-block G.11
• Financial Ombudsman Service General Levy - flat fee; small EMI are classed as "Industry block 18"
• Money Advice Service levy - flat fee; fee-block G.11

12. Application fee - £1,000
13. Declaration