A payment institution authorised under the relevant UK framework to provide the payment services within its scope.
Why the distinction matters
The permission relates to an entity and activities, not simply a brand. An application needs a coherent description of the proposed business, governance and controls. Check the actual FCA entry and the applicable requirements.
In the working file
Illustrative example
A group’s marketing site offers several services. The contracting entity and permissions are checked separately for the service being assessed.
Use the term in context
Record the legal entity, activity, period and applicable source alongside the term. A familiar label does not remove the need to establish scope. Our operating playbook connects this definition to a practical process.
Read the related playbookSources & scope
Primary sources used for this research edition. Document dates and commencement dates are different fields. Recheck the issuing authority before acting.
- FCA: Payment institution applicantsApplication guidance · source reviewed 12 November 2026
- FCA: Financial Services RegisterRegister guidance · source reviewed 12 November 2026