A newly established digital bank required full regulatory permissions to operate as a licensed bank in the UK and to ensure compliance with EU PSD2 regulations.
Payment Services & Card/ Merchant Acquirers
A UK-based digital bank with a full banking licence by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the bank also complies with the EU’s Second Payment Services Directive (PSD2). The institution is known for designing targeted financial products that meet the needs of customer segments traditionally underserved by mainstream banks.
As a newly established digital bank, the client required full regulatory permissions to operate as a licensed bank in the UK and to ensure compliance with EU PSD2 regulations. This involved navigating complex regulatory frameworks and coordinating with both UK and EU regulatory bodies. The client also needed strategic support in aligning its digital-first business model with stringent regulatory expectations.
Our specialist consultants provided end-to-end regulatory advisory and delivery support. They guided the client through the licensing process with the PRA and FCA, ensuring all application requirements and supervisory expectations were met. Additionally, supported the client in achieving compliance with the EU’s PSD2 requirements, addressing both technical and operational obligations.
• Successfully secured full banking permissions from both the PRA and FCA
• Achieved compliance with EU PSD2 regulations, enabling cross-border digital financial services
• Enabled the client to launch a fully regulated digital bank, positioned to scale and serve niche customer segments across the UK and EU
A successful regulatory turnaround for a UK EMI and crypto firm, restoring FCA permissions and avoiding administration under new leadership.
Our client wished to ensure that it had all UK regulatory requirements covered by policy, procedures and controls.
Although the client is based in the US, they have European subsidiaries which include the UK and therefore required Financial Conduct Authority (FCA) registration. In order to obtain registration as a crypto asset firm in the U.K. they had to comply with specific FCA requirements.
