Do you need an FCA or HMRC registration? A plain-English guide for platform owners
By SendPay Business · · Updated · 2 min read
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- 2Add proof of address
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This is the question every founder asks and most providers dodge. Here is the plain version. It is general information, not legal advice, and the specialist we introduce you to gives you the answer for your exact platform.
Money transfer: HMRC
Sending money for customers usually means registering with HMRC as a money service business under the Money Laundering Regulations 2017, with a responsible person, a risk assessment and controls. Identity checks at signup are built into every platform; the registration is yours.
Crypto: the FCA
Buying, selling or holding crypto for customers in the UK needs FCA cryptoasset registration before launch, and financial promotions for crypto are restricted. This one takes time and preparation.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
Holding customer money: authorisation
An account that holds customer balances is provided by authorised partners on our platforms. If you want to hold funds yourself you need your own authorisation as a payment or e-money institution, which most platforms do not need at the start.
Cards: the partner's approval
Cards are issued by a licensed partner. Your programme needs their approval of you and of what it does.
What you can do before any of it
We tell you which of these applies to your platform in writing before you launch, and we never block a launch on licence grounds: we disclose, you decide.
0 of 4 done
Tick each step as you do it, so you can see what is left.
How it works
Your own money app- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
Is SendPay Business licensed?
SendPay Business is a technology company, not a bank. Regulated services on the platforms are provided by licensed partners, and their permissions cover what they do, not what you do.
Can I launch first and register later?
You can build, preview and go live with signup on. Taking customer money for a regulated activity needs the registration first.
How much does registration cost?
HMRC registration fees are published on gov.uk; FCA fees depend on the activity. The specialist quotes their own work separately.
Who applies, me or SendPay Business?
You do, in your own name, with the specialist we introduce you to. Their permissions cannot be borrowed and neither can ours.
How can SendPay Business help with registration?
We tell you exactly which registration applies to your platform before you launch, in writing, and introduce a specialist who prepares the application with you. Meanwhile you build, preview and brand the platform so nothing waits on paperwork.
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Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.