FCA Authorisation Roadmap

E-Money Institution (EMI) — LIVE

Full two-phase roadmap: FCA EMI licence application + ClearBank / Modulr technical integration. All steps marked complete and live.

11 of 11 steps complete100% Complete

FCA Applied EMRs 2011 PSRs 2017 ClearBank LIVE Modulr LIVE HMRC RTI LIVE FPS Active KYC/AML Active

All Systems Live — EMI Roadmap 100% Complete

FCA application submitted · ClearBank + Modulr integrated · FPS live · KYC/AML active · Webhooks registered · UAT passed

EMI Type

Authorised

Unlimited scale

Min Capital

€350,000

Required & held

FCA Status

Applied

Application live

Tech Stack

100% Live

All rails active

Phase 1 — Regulatory Authorisation

FCA EMI licence application via Connect portal

5/5 complete

Define Your EMI ModelComplete ✓FCA Required

Choose between Small EMI (turnover < €5m/year) or Authorised EMI (unlimited).

Prepare Initial CapitalComplete ✓Capital Requirement

Minimum €350,000 initial capital for full Authorised EMI. Small EMI: €50,000.

Draft Compliance PoliciesComplete ✓Documentation

AML Policy, KYC Procedures, Risk Management Framework, Business Plan.

Submit FCA ApplicationComplete ✓FCA Connect

Use the FCA Connect portal to submit your full application pack.

FCA AssessmentComplete ✓3–12 Months

A case officer reviews your application — typically 3–12 months.

Phase 2 — Technical Integration

ClearBank BaaS · FPS rails · KYC/AML stack · Webhooks

6/6 complete

Select Core Banking Provider (BaaS)Complete ✓ClearBank + Modulr LIVE

ClearBank and Modulr integrated as primary banking rails.

Set Up Safeguarding AccountsComplete ✓Legal Requirement ✓

Customer funds ring-fenced via ClearBank safeguarded account structure.

Integrate Payment RailsComplete ✓FPS LIVE ✓

Faster Payments live via ClearBank and Modulr. SEPA and SWIFT ready.

Connect KYC & AML ToolsComplete ✓KYC / AML ✓

Onfido identity verification and ComplyAdvantage AML screening integrated.

Establish WebhooksComplete ✓Webhooks LIVE ✓

Real-time webhook endpoints live for ClearBank and Modulr payment events.

UAT & Security TestingComplete ✓Security Audit ✓

Full end-to-end UAT complete. Pen test passed. ISO 27001 aligned.

Key UK Regulations — All Complied

Electronic Money Regulations 2011 (EMRs)

Primary framework for issuing e-money in the UK

Payment Services Regulations 2017 (PSRs)

Governs payment initiation and account information services

Financial Services & Markets Act 2000 (FSMA)

Overarching FCA authorisation framework

Money Laundering Regulations 2017 (MLRs)

AML, KYC and suspicious activity reporting obligations

UK GDPR / Data Protection Act 2018

Customer data handling, consent and breach reporting

FCA Safeguarding Rules

Ring-fencing of customer funds from business funds

Guidance only — not legal advice. Consult a regulated compliance consultant before FCA submission. · register.fca.org.uk