Being a payment institution
Once a payment institution (PI) is authorised, or registered, by us, we require them to meet the standards set out in our Approach Document and to supply us with information, so that we can monitor their business.
Chapter 4 of our Approach Document details when a firm is required to notify the FSA under the Payment Services Regulations 2009 (PSRs).
This section provides details on:
Variation of payment services
If a PI decides to change the payment services it provides (either adding or removing) then it should apply to vary its payment services.
Amending PSD Individuals / Agents
A PI should notify us of any changes to their PSD Individuals, or PSD Agents, using the relevant form.
Change of legal status
If a PI wants to change its legal status then it should submit the relevant change of legal status application.
Change in Qualifying Holding
The PSRs require an authorised payment institution (authorised PI) to notify us of any changes in its qualifying holdings.
Cancellation
A PI wishing to stop providing payment services must apply to us.
Standing Data
A PI should notify us of any changes to their Registered Name, Trading Name(s), addresses, contact details, website address, Auditor (where applicable) and Accounting Reference Date.
Status of Forms
Forms referred to in this section have, where relevant, been issued under powers of direction in the PSRs. Directions are binding on the PIs or categories of PI to whom they are addressed and therefore these forms must be used.
Other Notifications
If you intend to make a notification to the FSA that is not covered by any of the above, please notify the Customer Contact Centre via email at fcc@fsa.gov.uk.