Trading on behalf of clients.  IFAC can set you up to trade with a Payment Services licence as a Payment Institution - API or SPI, or as an e-money Institution - AEMI or SEMI Payment Institution - Our IFAC fees generally match the FCA approval fees, depending on the work involved and input from you.   IFAC charge the application fee for submission and offer an ongoing support service from approval. 

After authorisation we normally continue to act for you as your compliance manager, in keeping with regulator requirements for counterparty audit.  We have contact with you regularly and keep you acting in accordance with FCA rules. After authorisation we also  submit your FCA returns, discuss your processes, assist with the regulatory requirements for your business and give you a compliance management system BAT that will assist with your day to day compliance management.   The system will not trade for you but will keep a record of activities in line with FCA requirements.  The system will also record customer vulnerability online, and allow automatic sanction and PEP checks and the ability to verify ID and undertake anti-money laundering checks.

As regards the application, we will get the application submitted after receiving all the relevant paperwork required from you. We have a large number of template documents that will need adjusting for you.  The application process is rigorous and testing, and if you contact IFAC you can expect a similar standard applied - you'll know before the end of the phone conversation whether or not your application with the FCA will be successful. You will always require some external support.