Registered account information service provider (RAISP) applicants

To be a RAISP, the only payment service your firm can provide is account information services (AIS). If you intend to provide AIS alongside other payment services, you'll need to apply to become an authorised payment institution[1].

• Please watch our informational video series[2] which highlights some of our expectations, steps to strengthen your submission, and where to find further support.  

Conditions you must meet

To become a RAISP, you must:

• not provide any payment service other than AIS
• hold relevant professional indemnity insurance or a comparable guarantee

Supporting material

Follow our guidance on how to prepare your application[5] before submitting it on our Connect[6] system.

Make sure you also include the supporting material listed below. We'll reject your submission without assessing it if you don't provide the minimum information we ask for.

Registering people to manage your RAISP

You must register all of the:

• members of your management board – ie the directors if you're a limited company or the members if you're a limited liability partnership (LLP)
• management staff – usually this will include your Head of Compliance and/or Money Laundering Reporting Officer (MLRO)
• other people who are responsible for managing your firm's registered activities
  • you don't need to register staff that aren't directly responsible for these activities

You must also notify us[11] in advance of any changes in the people responsible for your registered services.

Registering agents

Once your firm is authorised or registered, you must register with us any agents who'll provide payment services on your behalf.

To do this, you'll need to complete a form in Connect to provide details of the agent(s) you're proposing to appoint and the arrangements you have in place to oversee them.

To help you prepare in advance, you can refer to a copy of this agent form[15].