Variation of Permission for Payment or Electronic Money Institution
If your payment services firm plans to introduce new regulated activities, discontinue existing services, or modify existing regulatory requirements (such as capital thresholds), you’ll need to submit a Variation of Permission (VoP) application to the FCA.
However, VoP applications cannot be used to change your firm’s status—for example, you cannot use this process to switch from:
The Permissions for Payment Services
Here’s a breakdown of the permissions available under the Payment Services Regulations:
Enabling cash deposits into a payment account and all related operations
Enabling cash withdrawals from a payment account and related operations
Executing payment transactions (funds on a payment account):
Enabling cash deposits into a payment account and all related operations
Enabling cash withdrawals from a payment account and related operations
Executing payment transactions (funds on a payment account):
a. Direct debits (including one-off) b. Transactions via payment cards or similar devices c. Credit transfers, including standing ordersExecuting transactions with credit lines:
a. Direct debits (including one-off) b. Payment card transactions c. Credit transfers, including standing ordersIssuing payment instruments and acquiring payment transactions
Money remittance (sending money without holding a payment account)
Payment initiation services (PISP)
Account information services (AISP)
Issuing electronic money
Common Applications
What Do I Need to Provide With the Application?
The requirements are similar to those of your original licence application, though tailored to the specific permission(s) requested. Typically, you’ll need to submit:
How PayWise Compliance Can Help With Your Variation of Permission
If you’re looking to expand, adjust, or redefine the services your firm offers, PayWise Compliance can guide you through:
Let us help ensure a smooth and successful variation process for your regulated firm.
