Here at Hazlems Fenton we have specialist knowledge of Electronic Money Institutions (EMI) and Payment Institutions (PI). We acknowledge that this is an exciting and fast-growing sector of the economy with Fintech firms disrupting and fundamentally changing the financial services industry. Acknowledging this growing sector Hazlems Fenton have invested considerable resources in obtaining a detailed understanding of the regulatory framework and how it affects our clients’ businesses. This has enabled us to help EMI and PI start-ups to become mature businesses within the sector.

The regulatory backdrop for EMI and PI firms has changed rapidly with the introduction of the Payment Services Directive 2 that came into force in August 2017. Here at Hazlems Fenton we have trained staff that can assist you in navigating these regulatory changes as well as providing a full range of regulatory services including:

  • Assistance with the FCA authorisation process.
  • Full statutory audit.
  • Preparation of regular financial returns to the FCA such as the REP001, REP002 for both EMI and PI and the FSA056 and FSA057 for PI as well as the FIN060 for EMI.
  • Advice on FCA supervisory matters such as the rules regarding capital adequacy requirements and their method of calculation for both EMI and PI.
  • Assisting with and performing Electronic Money reconciliations.

 

Pers Aswani

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Pers Aswani