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Payment Services Case Study

A firm came to us seeking assistance with their application under the new FCA payment services regulations with a view to becoming an Authorised Payment Institution.

The Brief

The Payment Services Regulations 2017 come into force in the UK on the 13th January 2018.

The client in question was keen to start the process of making their application for FCA authorisation asunder the new regulations to the FCA with a view to become an Authorised Payment Institution.

In the initial consultation, the client was made aware of the extent of the application. We informed them of the required supporting documentation and ongoing compliance requirements needed in order to process their application as efficiently as possible.

What We Did

Thistle Initiatives provided an established suite of template documents, which had been crafted with careful consideration of the EBA European Banking Authority (EBA) and FCA Guidance.

This ensured the client had a platform to accurately express their policies and procedures concerning fraud prevention & detection, IT security functions, Anti-Money Laundering controls and complaints handling procedures.

Upon review, Thistle Initiatives were able to provide sound and constructive feedback to the client, allowing Thistle and the Client to outline a plan of action to efficiently complete the application.

The Result

With weekly calls and open communication via emails, Thistle and the Client were able to work together to really dissect the areas of the process that required further attention in order for the application to be submitted as “complete” to the FCA.

All the documentation was submitted to the FCA ahead of the requested deadline and the client was approved as an FCA Authorised Payment Institution with minimal further information requested. The Client now benefits from Thistle’s ongoing compliance support network and regular auditing.