AIS and PIS Applications
The majority of the updated PSD 2 regime will apply from 13 January 2018 and certain payments businesses will have to be registered or authorised for the first time. The FCA recommended that those businesses apply before 27 November 2017. This includes firms providing account information services (AIS) or payment initiation services (PIS). More details of these activities can be found here.
All firms applying for the first time must submit a complete application via the Connect system. It can take up to 3 months to determine an application but could take up to 12 months if an application is not complete.
How can Thistle help you?
Thistle will continue to keep this area under review and will issue further updates where necessary. For more information email us at email@example.com or call 0207 436 0630.