World First has received formal approval for its e-money licence application from the Financial Conduct Authority (FCA). The new licence means that World First is now regulated as an Electronic Money Institution (EMI), a change from its previous status as an authorised payments institution. The change is effective from Monday, 15th February 2016.
What does that mean for our clients? Well, the long and short of it is that it’s very much business as usual – and that’s just the way we like it! While the new licence places greater regulatory responsibility on our business, we don’t expect you – our valued clients – to notice any change in the service you receive from us at all. To read more about the regulations governing EMIs, visit the Financial Conduct Authority (FCA) website.
Commenting on the news, Jonathan Quin, World First CEO and co-founder of World First, said:
“We are delighted to have received approval for the e-money licence from the FCA. This is a really positive move for the future and means that we can develop and grow in step with our clients though for now it is very much business as usual for existing World First clients.”
If you have any questions regarding the new license, please contact our Client Services team on 0800 542 7488.