Business Issue
A FinTech startup offering multi-currency e-money accounts needed to become authorised to issue e-money. The company aimed to transition from its current arrangement where another e-money issuer acted as the principal. The startup required assistance with managing the entire authorisation process, including compiling the application pack and submitting it within a challenging timeframe. Additionally, they needed guidance on developing systems and controls to meet regulatory requirements and ensure knowledge transfer within the company, as well as liaising with external stakeholders to explain regulatory requirements.
Solution
fscom initiated the project by completing the application form and drafting the accompanying documentation, including descriptions of safeguarding and anti-money laundering procedures. We collaborated with internal stakeholders to ensure they understood the regulatory obligations and helped them prepare for the authorisation process. Additionally, we provided guidance on how to present the material to the FCA and other relevant external stakeholders.
Benefits
The client received expert support in compiling and submitting the authorisation application, meeting all regulatory requirements. fscom’s guidance ensured that the internal team gained a solid understanding of their obligations, while our close coordination with external stakeholders facilitated a smooth process. The company successfully navigated the regulatory process in a timely manner, achieving authorisation to issue e-money.
Client
Feedback
The client was highly satisfied with fscom's support throughout the authorisation process. They appreciated our ability to meet the tight deadline and the clear, actionable guidance provided to help them comply with regulatory requirements. The project was completed on schedule, and the application was processed by the FCA within three months, enabling the startup to achieve its goal of becoming authorised to issue e-money.
