Find out how to apply to change the payment services you provide, or add or remove limitations or requirements.
You should consider whether your capital requirements may change because of the variation.
When not to apply for a variation
You can't apply to vary your status from being:
- authorised to registered, or
- registered to authorised
For example, if you're an authorised electronic money institution or payment institution, you can't vary your permission to become a registered small electronic money institution or small payment institution.
To change your status from being authorised to being registered, or vice versa, you must submit a new application[1].
You also can't apply to vary:
- from being a registered account information service provider (RAISP) to being a payment institution or electronic money institution
- your registration/authorisation from being a payment institution to an electronic money institution (or vice versa)
How to apply for a variation
Please apply via Connect[2].
Once we receive your application, we'll usually make a decision within 3 months if it's complete or 12 months if it's incomplete.
Follow our guidance on what to read first[3], and how to prepare your application[3] before submitting it on our Connect system.
Before applying, you should consider what permissions you would have if we approved your application. Then make sure we have the information we would need to process an application for those permissions.
You don’t need to re-submit documents sent as part of your previous applications. However, you should review all previously submitted documents to make sure they are still relevant and take account of the variation applied for.
If any previously submitted documents need to be updated, provide us with the updated versions with your variation of permission application. You should make clear how they have been amended.
We'll reject your application without assessing it if you don't provide the minimum information we ask for.
Variation fees
The fee for variation will be:
| Variation type | Institution | Fee |
| Authorisation | Authorised payment institution | 50% of Category 4[4] |
| Registration | Small payment institution | 50% of Category 2[5] |
| Authorisation | Authorised e-money institution | 50% of Category 5 or 50% of Category 4[5] |
| Registration | Small e-money institution | 50% of Category 3[7] |
We will reject your application without assessing it if you don't pay the correct fee[6].
There's no fee if you're only removing services.
